Why can I only withdraw to my country of residence?

Summary

Cryptonow follows strict European financial regulations to ensure every transaction is transparent, compliant, and secure. Because of these legal requirements, withdrawals can only be made to a personal bank account in your own name and within the same country verified during your verification process.

When you verify your Cryptonow account, your country of residence is permanently linked to your account. This determines the banking network, legal framework, and currency available for your transactions. To comply with international regulations, Cryptonow can only process withdrawals to domestic bank accounts that match your verified residence. This rule protects both you and the platform from misuse, fraud, or unauthorized transfers.

Country of residence

Your verified residence defines where your funds can be sent.

Example:

  • If you verified your account with a German address, you can only withdraw to a German bank account (IBAN starting with DE) or the bank country you sent initially funds to our platform

  • If you live in France, your withdrawals must go to a French bank account (IBAN starting with FR) or the bank country you sent initially funds to our platform


This alignment ensures smooth and compliant transactions within the international banking systems.


The reasons for this include:

  • Regulatory compliance: Financial institutions are required to ensure that funds are transferred only between accounts belonging to the same verified person in their country of residence.

  • Tax and reporting requirements: Linking withdrawals to domestic bank accounts simplifies reporting obligations for both our customers and Cryptonow.

  • Security: It helps protect customers from fraud or unauthorized redirection of funds.


Important

  • You can only withdraw to a personal bank account in your own name.

  • Third-party or business accounts are not accepted.

  • If you move to another country, you’ll need to update your verified address before you can withdraw to a bank in your new country.

  • Cryptonow cannot override these restrictions, as they are part of mandatory financial compliance laws.

In short


This withdrawal limitation isn’t a technical restriction — it’s a legal and security requirement. By ensuring that withdrawals match your verified country and name, Cryptonow protects your funds, prevents misuse, and meets all regulatory standards.



Still need help?


If you’ve recently changed your country of residence or need assistance updating your details,
 please contact our Cryptonow Support Team. We’ll guide you through updating your verification so you can withdraw funds correctly and securely.

Contact support
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Cryptonow GmbH, Marc-Aurel-Straße 10-12/15a, 1010 Vienna, Austria, provides the regulated service of exchanging crypto-assets for other crypto-assets and/or fiat currency as the principal counterparty to the client.

Cryptonow GmbH is licensed as a Crypto-Asset Service Provider (CASP) under Austrian law. Trading in crypto-assets involves substantial risk and may not be suitable for all investors. Prior to engaging in any transaction, investors should carefully assess their investment objectives, level of experience, and risk tolerance. The value of crypto-assets is highly volatile and may result in significant losses within a short period. Each crypto-asset possesses distinct characteristics, and investors should undertake thorough research and ensure they fully understand an asset before engaging in any trade. Past performance is not a reliable indicator of future results. This content qualifies as a marketing communication within the meaning of the Markets in Crypto-Assets Regulation (MiCAR), does not constitute an investment recommendation or financial advice, and investors must ensure they understand all associated risks, including the potential loss of the entire invested capital. Funds should not be invested if their loss cannot be financially sustained.