In the world of digital finance, understanding how cash transfers work on crypto asset platforms is fundamental. This procedure outlines the framework for secure and compliant cash deposits and withdrawals, ensuring customer assets are protected and managed according to regulatory standards. Whether you are depositing Turkish Lira or withdrawing funds, these guidelines provide clarity on the processes, security measures, and principles that govern these transactions.
Segregation and Monitoring of Customer Assets
Customer cash and crypto assets are strictly segregated from the platform's own assets. This separation is maintained in accordance with regulatory requirements, ensuring that customer funds are never commingled with those of the service provider. Under no circumstances can customer cash assets be seized, pledged, or included in bankruptcy proceedings due to the platform's debts, even for public receivables.
To uphold this principle, customer cash held at partner banks is monitored separately from the platform's operational funds. Banks are formally notified to allocate customer assets to distinct accounts, reinforcing the segregation. Ownership of these assets always remains with the customer, providing an additional layer of security and trust.
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Customer Cash Deposit Process
Bank Integration and Availability
The platform maintains integrations with multiple banks, allowing customers to initiate deposits and withdrawals 24/7. While technical integrations with additional banks are ongoing, the current system supports seamless transactions through established partners.
KYC Requirements for Deposits
Completing customer acceptance processes, commonly known as KYC (Know Your Customer), is mandatory for cash deposits. The platform employs a dual verification system, leveraging both internal controls and the validation mechanisms of the customer's registered bank. If KYC processes are incomplete, any deposited funds are promptly refunded to the sender.
Partner Banks and Selection Criteria
The platform collaborates with several reputable banks, including:
- Türkiye Vakıflar Bankası TAO
- T.C. Ziraat Bankası AŞ
- Türkiye İş Bankası AŞ
- Fibabanka AŞ
- Şekerbank AŞ
Selection criteria focus on security measures, widespread customer usage, and adherence to asset segregation rules. These factors ensure that customer funds are stored in reliable and secure environments.
Transfer Rules and Account Verification
Customers can only deposit funds from bank accounts registered in their own name, and withdrawals are similarly restricted to personally registered accounts. Deposits via ATMs, electronic money institutions, or payment institutions are not permitted. Currently, only Turkish Lira transactions are supported, with potential for foreign currency deposits in the future, subject to regulatory and bank approvals.
Integrated bank and platform systems enable smooth and continuous transactions. Third-party service providers, widely used in the industry, facilitate this integration. Regular monitoring of bank balances ensures that withdrawal requests can be processed without issues. Daily, weekly, and monthly reconciliations with banks maintain accuracy and transparency.
Identity Verification During Deposits
During Turkish Lira deposits, the platform extracts the customer's Turkish Republic Identity Number (TCKN) from the bank and verifies it against the TCKN provided during account registration. This ensures that deposits originate only from accounts matching the customer's verified identity. The same controls apply to withdrawal transactions.
Handling Non-Matching or Unauthorized Payments
If a payment cannot be matched to a registered TCKN, it is immediately rejected and refunded to the sender. This prevents unauthorized deposits and ensures that only legitimate transactions are processed, protecting both customers and the platform from potential fraud.
Fraud Prevention Measures
To safeguard against fraudulent activities, the platform may impose waiting periods on crypto asset withdrawals for customers involved in suspicious transactions. This measure, aligned with anti-money laundering laws and regulatory requests, prevents unauthorized withdrawals and enhances overall security.
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Customer Cash Withdrawal Process
Withdrawal Limits and Controls
Withdrawal principles mirror those for deposits, with additional limits, controls, or approvals applied in certain cases. Lower limits may be imposed based on risk assessments. Delays due to bank processing times can occur, and customers can track withdrawal status via transaction result forms or account statements.
Verified Bank Account Requirements
Withdrawals are permitted only to bank accounts registered in the customer's name and verified through TCKN matching. This ensures that funds are directed solely to the rightful owner, minimizing fraudulent risks and protecting customer assets.
Commission Fees and Charges
Banks may apply varying commission rates for deposits and withdrawals, and customers are responsible for these fees. The platform does not currently charge additional withdrawal commissions, though this may change in the future. Commission rates are publicly available on the platform's website.
Interest Accrual on Customer Cash
Customers may request interest accrual on cash assets exceeding a specified threshold. The terms and conditions for interest accrual are detailed in the framework agreement, which should be reviewed for specific principles and requirements.
Handling Customer Complaints
Customers should contact support if deposits or withdrawals are not processed within a reasonable time. The platform will provide delay reasons where permitted by law. Common reasons for delays or failures include:
- Use of non-compliant channels for transactions
- Violations of financial regulations
- Suspicious transactions related to money laundering or terrorism financing
- Mismatch between bank account and platform account ownership
- Insufficient funds
- Suspected account theft or related complaints
Enforcement and Review
This procedure is effective from June 2025 and is published on the platform's website. It is reviewed annually or more frequently to align with regulatory changes and industry practices. Revisions require approval from designated personnel and are communicated to customers promptly.
Record Keeping
Records of this procedure are retained for at least ten years, or longer if required by applicable legislation, ensuring transparency and compliance.
Frequently Asked Questions
What is the purpose of the cash transfer procedure?
The procedure ensures secure, compliant, and transparent handling of customer cash deposits and withdrawals on crypto asset platforms. It outlines processes for asset segregation, identity verification, and fraud prevention, aligning with regulatory standards.
Why is identity verification necessary for deposits?
Identity verification, through TCKN matching, ensures that deposits and withdrawals are only made from and to accounts registered in the customer's name. This prevents unauthorized transactions and enhances security.
Can I deposit funds from someone else's bank account?
No, deposits must originate from bank accounts registered in your own name. Similarly, withdrawals can only be made to personally registered accounts. This rule minimizes fraud risks and ensures compliance.
What should I do if my transaction is delayed?
Contact customer support for assistance. Delays can occur due to bank processing, regulatory checks, or suspicious activity flags. Support will provide details where permitted.
Are there fees for cash withdrawals?
Banks may charge commissions for withdrawals, and customers are responsible for these fees. The platform does not currently impose additional withdrawal commissions.
How are customer complaints reviewed?
Complaints are handled by customer support, which investigates delays or issues. Common reasons for problems include non-compliant transaction channels or regulatory violations, and support will guide customers accordingly.