What is a "Proof of Funds" and what requirements and limits are there?

A proof of funds (POF) is a document or a collection of documents showing the origin of financial resources which you use for fiat deposits on Bitpanda. The proof of funds also includes information concerning the origin of your crypto-assets which have been used for fiat withdrawals on Bitpanda.

Note: All documents must be submitted in English or German.

Tip: Please note that a proof of funds does not primarily refer to the location of the funds (e.g. bank account) as such, but instead to the reasons why you have access to the money (e.g. “I have earned this money through job X and saved it up over time frame Y. Furthermore, you will be able to find proof of its origin here.”).

Proof of funds for individuals

For example, we can accept the following documents (amongst others) to prove the origin of funds:

Accepted proof for fiat funds

  • Wage, salary or pension statements (no older than six months) as well as an up-to-date tax return. Any and all IBANs, company names and the name you have registered on Bitpanda must be clearly visible on all the provided documents. We also need a bank statement showing that the payment was received 
  • Proof of the sale of real estate or other property. Including notarised contracts, bank statements (with the account balance and receipt of payment clearly visible) and a transfer receipt displaying the sender and recipient IBANs, names and the date of the transfer
  • Proof of income from investments (e.g. artwork, collector’s items), such as contracts and payment receipts which contain information on the buyer and seller. For investments related to cryptocurrencies, please see the paragraph “Accepted proof for cryptocurrency funds” below
  • Loan contracts in combination with bank statements showing the transaction
  • Proof of income from capital assets or company investments (e.g. bank statement, distribution agreements, dividend resolutions and current account balance)
  • Proof of the sale of shares in a company
  • Proof of income from renting and leasing (e.g. rental agreement at the time of the agreement being signed and proof of the last rental payment)
  • Notarial proof, which has been verified by a state-approved notary, of an inheritance or gift

Simply stating the source of the funds is not sufficient. Please send the required documents as a JPG/JPEG, PNG or PDF via the “Proof of Funds” section of our contact form. Unfortunately, attachments in other formats cannot be processed.

Note: Please note that all receipts must not only show your IBAN and name, but also the IBAN and the name of the sender who you have received the money from. Please also ensure that full details such as the date and the amount are visible.

Tip: When submitting a sales agreement (i.e. for a sold property or company), you will need to provide all pages of the agreement including the signature and date page, otherwise we will have to ask you for a resubmission. 

Accepted proof for cryptocurrency funds

We need a detailed description of the origin of all of the coins on your account via our contact form, as well as for at least one of the following documents to be attached:

  • Cryptocurrencies purchased on other brokers and other exchanges
    • Screenshots of purchase and withdrawal confirmation displaying your account ID and all transaction details
    • Confirmation emails which provide proof of purchase or withdrawal
    • Receipts which provide proof of purchase (e.g. using an OTC)
  • Trading profits which have been made on other brokers or exchanges
    • Screenshots of the transaction history displaying profits
    • Transaction history displaying withdrawals to Bitpanda
    • Screenshots of the exchange account displaying your account details
    • Name of the exchange
  • Income from services (e.g. affiliate income or other services)
    • Detailed description of the service
    • Receipts for services which have been paid for in cryptocurrencies
    • Names, addresses, contact details and information about the companies involved, as well as their legal form and VAT ID number
    • Cryptocurrency addresses of the sender and the recipient
    • Transaction IDs (hash)
    • The amount sent, displayed in both cryptocurrency and fiat
    • Date of the transaction
    • Bank statements displaying both receipts and transactions
    • A screenshot of your account displaying that you are an affiliate
    • Screenshots of your wallets, which show their current income
    • Screenshots of your transaction history and withdrawal history
    • Explanations of the origin of the cryptocurrencies used for the payment transactions
  • Initial Coin Offering (ICO) and token sales
    • If you purchased coins through a token sale, please submit a copy of the contract confirming payment made in cryptocurrency
    • In the case of an ICO, the full name of the ICO and the associated project’s website must be visible. We also need to know the exact amount invested in the cryptocurrency and the equivalent value in fiat at the time of the investment
    • In addition, we need the transaction history that documents the purchase and withdrawal of the token (wallet addresses and transaction ID) 
    • Bank statement, if a fiat currency was used for investing
    • Confirmation emails, which display the purchase
  • Mining
    • Receipts for the purchase of mining hardware, on which the address of the buyer (the name that you have registered on Bitpanda) and seller are displayed. The hardware must have been sent to the address you have registered on your Bitpanda account. If your address has changed in the meantime, please provide proof that you lived or worked at that address at the time of purchase
    • Photos of mining hardware and screenshots of the platforms and programs used
    • Operating cost statements (e.g. electricity bills) also issued in the name that you have registered on Bitpanda 
    • Screenshots of mining revenues and rewards
    • Screenshots displaying the transaction history from and to wallets, which display wallet addresses and transaction IDs (self-made “Excel lists” cannot be accepted)
    • If coins from mining activities have also been traded, screenshots displaying the transaction history are needed, which clearly display receipt on the respective exchange and the name of the account holder. Furthermore, all trades must be clearly identifiable and must not be mixed with trades of other coins 
  • Staking (Master nodes)
    • Screenshots of the transaction history on which deposits, withdrawals and profits are visible
    • Screenshots of the transaction history on which withdrawals to Bitpanda are visible
    • Wallet addresses and transaction IDs
  • Airdrops
    • Screenshots of the transaction history, on which the deposits and withdrawals to Bitpanda are visible
    • Wallet addresses and transaction IDs
  • Coin or token swaps
    • If the token name or the number of tokens has changed due to so-called coin swaps or token swaps or other technical changes (e.g. redenominations) to the blockchain or platform which has been used, please provide screenshots of the transaction history (wallet addresses and transaction IDs) 
  • Lending and liquidity pools
    • If a matter of lending income is involved, please prove this by means of screenshots of the transaction history (wallet addresses and transaction IDs). It must be clear where you have deposited the assets as collateral, in what amount and where the collateral that is being used has come from
  • Funds obtained on Bitpanda (without an invoice)

Simply stating the source of the funds is not sufficient. Please send the required documents as a JPG/JPEG, PNG or PDF via the “Proof of Funds” section of our contact form. Unfortunately, attachments in other formats cannot be processed. 

Note: When providing a list of cryptocurrency withdrawals from other platforms (i.e. exchanges, trading platforms or online gambling sites), we need to see the account details showing your full name or email address, as well as the name of the platform, otherwise we will have to ask you for a resubmission.

Proof of funds for businesses

Tip: Documents which you have already submitted as part of the business onboarding process can still be used as proof of funds as long as they are still up-to-date (e.g. for the same financial year), otherwise a current version must be submitted retrospectively.

Note: Please note that only proof for the business that you have registered on Bitpanda can be accepted. Providing proof which respectively identifies one of your second businesses cannot be accepted.

Accepted proof for fiat funds

The following three points must be included with each submission:

  • The latest financial report, having been certified by an auditor. For smaller companies (e.g. for limited liability companies), that do not need to have their financial report certified, it is sufficient to submit these without certification
  • The most-recently available tax return and, where possible, the previous one
  • Bank statement in full. Please note that a simple letter from the bank stating that there is a certain amount in the bank account is not sufficient in itself. A full bank statement on which all details are visible is required as proof

The following proof is also accepted:

  • Sales contracts (for the sale of a property, sale of a business) signed by all authorised parties which are already included in the documents submitted for business registration on Bitpanda and which have been notarised by a state-approved notary - in combination with a bank transfer confirmation or a bank statement confirming the transaction and the amount of the transaction. This must be confirmed by the bank or a bank advisor.

Accepted proof for cryptocurrency funds

In addition to the items mentioned for cryptocurrency fund proof for private persons, the following proof is also accepted for businesses:

  • All items as described above for individuals
  • Receipts for services paid for with cryptocurrencies. The following details must be displayed on them:
    • Transaction IDs (hash)
    • Cryptocurrency addresses of the sender and recipient
    • Company name of the sender and recipient. Alternatively, the VAT ID number of both companies will also be sufficient
    • Description of the service
    • The amount sent, displayed in both cryptocurrency and fiat
    • Date of the transaction

For coins generated through mining, the following proof can be accepted:

  • Receipts for the purchase of mining hardware, displaying the address of the buyer (the business you have registered on Bitpanda) and the seller. The hardware must be sent to the address of the business which you have registered on Bitpanda and for which you are submitting proof. If this address has changed in the meantime, please prove that the company was registered at that address at the time
  • Photos of mining hardware and screenshots of the platforms and programs used
  • Operating cost statements (e.g. electricity bills)
  • Screenshots of mining revenues and rewards
  • Screenshots of the transaction process from and to private and business wallets (self-made “Excel lists” cannot be accepted) 
  • If coins from mining activities have also been traded, it is necessary for you to provide screenshots of the transaction history which clearly display receipt on the respective exchange and the name of the account holder. Furthermore, all trades must be clearly identifiable and must not be mixed with trades of other coins

Tip: The more precisely you are able to provide the origin of the cryptocurrencies, the quicker this check can be completed.

FAQ

What do I need to do?
Even though this may sound complicated, all you actually have to do is prove how you acquired the funds. Please note that the submitted documents must not only display your most recent deposit (or withdrawal), but also the sum of your previous transactions, i.e. all previous transactions up to the stated amount.

It is also in our interest to make trading possible again for you as quickly as possible and to reduce the request for this type of proof to an absolute minimum.
Why is this needed?
We understand that it may not always be easy to provide all the evidence for this amount but we are required to request this proof by law. If you are unable to provide the proof, please contact our support team directly via our contact form.

If required, further information on this topic can be found in our privacy policy under the heading “Details to and proof of funds” and under point 2.7 of our terms & conditions.
What is the minimum amount above which a proof of funds is required?
Please note that we are not allowed to disclose the limits used for AML5 purposes by Bitpanda due to regulatory requirements and the potential for abuse, as this could avoid the verification process for the proof of funds.

It is not in our interest to block transactions, as Bitpanda makes its profit from trading premiums and the processing of these requests even causes additional costs.
Can I send evidence of the proof of funds in advance?
We offer this as an extra service as part of our Bitpanda Plus programme. If this is something you would be interested in, please contact us here.
Do I have to provide proof of funds if I have purchased digital assets on Bitpanda, do not complete any further transactions and only want to withdraw capital gains?
No, in this case a withdrawal can be made easily. The AML5 limits are only reached by making deposits and withdrawals of fiat and cryptocurrencies. If you make capital gains on Bitpanda, you do not need to provide proof of funds for these gains.
I come from country "X". Is providing a proof of funds necessary?
Yes. As a company based in Austria, we are subject to the AML5 regulations issued by the European Union and are therefore obliged to obtain proof of funds regardless of which country you come from.
Is providing a proof of funds generally required in other countries as well?
Proof of funds is required in all EU countries and the same or similar provisions exist in other countries.
Can I lodge a complaint about the processing of a ticket concerning the provision of the proof of funds?
We always try to provide you with the best assistance possible with the provision of a proof of funds. Should you still wish to make a complaint, you can do so in writing using the address in our legal notice or by clicking on the "Bitpanda Plus" category in our contact form, where a dedicated team member will assist you in fulfilling the criteria.
What can I do if the exchange I used to handle certain trades no longer exists?
If you are unable to provide the proofs of funds mentioned above, for example, because an exchange on which the transactions took place has stopped operating, you can send us the following information and we will check whether it can be used as proof:
  • Name of the exchange
  • Wallet addresses & transaction IDs
  • Name and amounts of coins, tokens, assets and fiat currencies that were bought, sold and traded
  • Was this exchange also used as a Fiat Gateway or only for the trading of cryptocurrencies?
  • Is there still data available such as (e.g.):
    • Emails (e.g. confirmation emails for purchases, sales and trades)
    • Transaction histories (as screenshots or exports)
    • Proof of fiat deposits (e.g. bank statements)
What happens if I cannot provide the proof of funds?
If you do not want to or cannot provide the required proof of funds, please contact our support team directly via our contact form.
Where can I find the exact wording of the legal terms?
You can read the exact wording in the current version of the Financial Markets Anti-Money Laundering Act under Article 6 (1) “Scope of due diligence obligations” under “Customer due diligence shall comprise”.
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