Why can my transaction not be processed because of sanctions rules?

BTC Direct is legally required to comply with national and international sanctions rules, such as those of the European Union, the United Nations and the Netherlands. That is why we screen customers and transactions for a possible connection with persons, organisations or countries that are on a sanctions list.

What is a sanctions hit?

A sanctions hit occurs when our screening finds a possible match between a customer, a transaction or a wallet involved and a sanctions list. This does not automatically mean that something is wrong. A match can arise, for example, from a similar name. We investigate every hit carefully before we make a decision.

What happens to my transaction?

While we investigate a sanctions hit, we may not be able to execute or pay out the transaction. If the hit turns out to be incorrect, we will still process the transaction as quickly as possible. If our investigation confirms the sanctions hit, we are not allowed to execute the transaction.

Can BTC Direct freeze my funds?

Yes. If a sanctions hit is confirmed, an obligation may arise to freeze the funds received. This applies to both euros and crypto. We cannot pay out, refund or forward frozen funds, not even to the original sender. In that case, we are also required to report the situation to the competent supervisory authority.

How long does this take?

How long an investigation takes differs per situation. Sometimes we need additional information or documents from you. In that case, please respond as soon as possible so that we can complete the investigation. Frozen funds remain frozen for as long as the sanctions measure is in force, until the competent authority gives permission to release them or until other instructions are given by the competent authority.

Will I be told why my transaction was blocked?

We inform you where we can. Because of legal obligations, we cannot always share all details about the investigation or the reason for the block.

I think this is a mistake. What can I do?

Please contact our customer service. We assess every situation carefully and will ask you for additional information if necessary.