How to Deposit and Withdraw Cryptocurrency on Independent Reserve Using an External Wallet

Table of Contents

• Singapore's Crypto Travel Rule Regulations
• Verifying an External Wallet for Deposits
• Verifying an External Wallet for Withdrawals
• FAQs

Singapore's Crypto Travel Rule Regulations

Since January 2020, Singapore’s Monetary Authority (MAS) enforces the Crypto Travel Rule under MAS Notice PSN02 to combat money laundering and terrorism financing.

As a licensed crypto exchange in Singapore, Independent Reserve adheres to these regulations through its AML Policy. Users must verify external wallet addresses for deposits or withdrawals.

Key Notes:

• Only external wallets require verification (not Independent Reserve deposit addresses).
• Private wallets (with permanent addresses) need one-time verification.
• Exchange-based wallets (e.g., Binance, Coinbase) require re-verification if addresses change.

👉 Learn more about crypto compliance

Verifying an External Wallet for Deposits

1. Pre-Transaction Verification:

   • Log in → Settings → Address Book → Add New Address.
   • Select currency, enter wallet address + description, and confirm via SMS code.
   • Declare ownership (false declarations are punishable by law).

2. Post-Deposit Verification:

   • If a deposit arrives from an unverified address, click Verify Deposit on the dashboard.
   • Confirm wallet ownership and provider (e.g., "Binance" or "Ledger").
   • Transactions from third-party wallets are automatically rejected.

Verifying an External Wallet for Withdrawals

1. Navigate to Accounts → Select cryptocurrency → Withdraw.

2. Click Add and Verify Address → Enter:

   • Wallet address + description.
   • Wallet type (e.g., "Other Exchange" or "Private Wallet").
3. Authenticate via SMS and declare ownership.

Warning:

• Withdrawals to incorrect addresses cannot be reversed.
• Third-party wallet withdrawals are not permitted.

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FAQs

1. Why do I need to verify my external wallet?

To comply with Singapore’s Crypto Travel Rule (PSN02) and prevent illicit activities. Unverified wallets delay transactions.

2. How often must I verify an exchange-based wallet?

Whenever the wallet address changes (common with exchanges like Kraken or Gemini).

3. What happens if I deposit from an unverified wallet?

You’ll see a "pending deposit" alert. Follow the verification steps to claim funds.

4. Can I withdraw to someone else’s wallet?

No. Independent Reserve only processes withdrawals to self-owned wallets.

5. Are private wallets permanently verified?

Yes, if the address remains unchanged (e.g., Ledger or Trezor hardware wallets).

6. What if I enter a wrong withdrawal address?

Transactions are irreversible. Double-check addresses before confirming.

Pro Tip: Always verify wallet addresses beforehand to avoid delays. For further assistance, refer to Independent Reserve’s AML Policy.