Source of funds

Source of funds

To verify your account to Level 3 you need to provide evidence of your source of funds.

If you want to buy cryptocurrency worth more than $30,000, or if you wish to buy privacy coins like Monero and Dash, you need to verify your source of NZD.

If you want to sell cryptocurrency worth more than $30,000, you need to verify your source of cryptocurrency.

Some examples of sources of funds are set out below. If you have a source of funds that isn’t included here, just get in touch and we can help you out.

Verifying your source of NZD

Sources of funds Examples of evidence
Employment (e.g. salary, wages etc)
  • Copies of payslips
  • Bank statements displaying source of income and/or showing regular payments from an employer
  • Personal tax summaries (PTS)
Long term savings
  • Term deposit statement
Gifts
  • Letter from a solicitor
  • Statutory declaration from the giftor
Rental income
  • Tenancy agreement
  • Bank statements showing regular rent payment from tenant
Sale of property
  • Sale and purchase agreement
  • Letter from solicitor/accountant
Sale of shares
  • Contract note
Loan drawdown
  • Loan agreement
  • Loan statement
Inheritances
  • Letter from solicitor
  • Will and probate
Running your own business
  • Copies of latest audited company accounts
  • Bank statements showing sources of business revenue
  • Personal tax summaries (PTS)

 

Verifying your source of cryptocurrency

If you bought your cryptocurrency through us originally, kei te pai! Nothing further required. You’ll be able to sell the same amount back to us, no matter what the value has changed to. E.g. if you bought 3 BTC from us and 10 XRP you can sell back 3 BTC and 10 XRP regardless of how high they moon.

If you got your cryptocurrency somewhere else, you’ll need to provide us with evidence to show where this has come from. Applications will be considered on a case-by-case basis, and we can’t provide any guarantees on what will be accepted or not. However, we can provide some guidance on the types of things we ask for:

Sources of funds Examples of evidence
Cryptocurrency purchased on an offshore exchange
  • Bank statements showing your NZD withdrawals out to that exchange
  • Exchange account history showing your NZD deposits being received (e.g. as USD)
  • Exchange trading history showing your USD:BTC/other transactions
  • Exchange balance if the cryptocurrency is still there OR exchange withdrawal records and current wallet address
Cryptocurrency purchased through localbitcoins
  • Bank statements showing your NZD payment to a localbitcoins seller
  • Localbitcoins account history showing your transaction
  • Localbitcoins balance if the cryptocurrency is still there OR withdrawal records and current wallet address
Cryptocurrency purchased on a NZ exchange
  • Bank statements showing your withdrawals to that exchange
  • Exchange account history showing your NZD deposits being received
  • Exchange trading history showing your NZD:BTC/other transactions
  • Exchange balance if the cryptocurrency is still there OR exchange withdrawal records and current wallet address

 

For other cases, the type of questions we might ask are:

  • Where is the cryptocurrency now? Provide addresses for the current wallet(s)
  • How did it get there? Past blockchain history showing movements to get there
  • How did you get it? Records of your trading history and bank history supporting

For any questions, or to discuss your specific situation, just get in touch and we can help you out.