Hi ,

To better protect your account and to uphold the highest security standards together, we have improved our policy and verification process for external wallets. This enhancement ensures your wallet is more secure and makes it easier for you to manage your own wallets.

 
What exactly is changing?

The new verification process for external wallets will go into effect within 2 weeks. From this moment on, the verifications for your saved withdrawal addresses will be reset. You can continue to use these addresses as usual for 14 days after the launch. During this period, you can easily verify your wallets at any time.

After these 14 days, a one-time verification is required to (re)activate the address for withdrawals.

As soon as the feature is live, you can verify directly via https://my.knaken.eu/settings/wallets or via the Knaken app on your phone. To do this, open the app, go to your profile, click on External Wallets, and re-verify the wallets you wish to use for withdrawals.

 
Verification Methods

You can choose from two ways to prove that a wallet belongs to you:

1. Directly via your wallet (WalletConnect)

This is the easiest method. You link your wallet to the Knaken platform and sign a digital message.

Please note: WalletConnect is available for wallets on Ethereum, Solana, Binance Smart Chain, Polygon & Base. Availability depends on the specific wallet you use.

This method is completely free of charge.

2. Manual check (Penny Check)

If your wallet does not support a direct link, you can opt for the Penny Check. We will ask you to transfer a specific, small amount (e.g., 0.00012 ETH) to a unique address.

The amount you transfer for this check will simply be credited back to your account upon approval. You will not lose this money.

It is essential that you send the exact amount requested for a successful verification.

Please note: Screenshots are not accepted as proof.

Important Notes

At this time, it is only possible to verify self-custody wallets, such as those from Ledger, Trezor, MetaMask, or TrustWallet. Wallets that are not under your own management cannot be verified. In that case, you can remove the address from your list and close the verification. Also, sending funds to other exchanges is no longer permitted under the new guidelines.

It is important to us that you remain in full control; we call this self-custody. With your own wallet, you maintain control over your crypto and transactions.

Read our blog for more information.

 

Kind regards,

Team Knaken