Tier Limit Policy
It is the policy of CoinMover to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal actions by complying with all applicable requirements under state and federal guidelines.
As a result, we employ a tier-based system to balance to need to purchase digital currency quickly and efficiently, while also providing a superior customer experience and complying with all state and federal regulations. We have established four separate ties defined below, and each account is evaluated individually and placed into an appropriate level based on the information provided by each customer and other external factors.
|Level||Threshold||Tier Description & Requirements|
|Tier 1||$20 to $2,500|| First-time customers may purchase up to a maximum of $2,500 of cryptocurrency when they provide a full name and a valid mobile phone number that can receive an SMS text message. |
One size doesn't fit all, and we evaluate every transaction separately. Any individual purchase of more than $900 is both automatically monitored and manually reviewed to ensure we adhere to our internal compliance policies and all state and federal guidelines.
We reserve the right to block any phone number at any time, as well as throttle the amount and quantity of sales each machine can perform on an hourly, daily, weekly, or monthly basis.
|Tier 2||$2,501 to $9,000|| Customers who wish to purchase more than $2,500 at once or the same, in lesser amounts, over a brief period, will be subject to additional scrutiny. |
For every purchase over $2,500, our terminal requires the user to scan a copy of their identification. This requires holding up the front and back of your license, state-issued identification card, or passport up to our machine. The ID you provide is compared to and matched against national terrorist and economically prohibited person's lists, including the OFAC and SDN lists in the United States of America, EEAS lists in the European Union, and many others.
We occasionally accept student identification cards for our customers who are 18 years of age or older (up to 25 years old) and located in areas where our machines are in proximity to college campuses. These identification cards must include the same information as a traditional driver's license, including a clear picture of the customer, and have a scannable barcode.
When each transaction is reviewed by our compliance team, we compare the camera image of the user performing the sale to the identification provided. In cases of a mismatch, the user account may be rejected deactivated and prohibited from further purchases or sales.
Depending on the data returned from the mobile service provider based on the phone number entered during the transaction, and the information contained on the ID provided, we will set an appropriate purchase limit based on our confidence that the person performing the transaction is knowable to us under federal "Know Your Customer ('KYC') laws.
|Tier 3||$9,001 to $50,000|| Those who wish to transact over $9,000 at a single time, or wish to exceed the cumulative volume limits we manually set for them under Tier 2 (say, $15,000 per month), will be asked to provide additional information if we don't already have it on file. |
As with any bank, we reserve the right to reach out to you for additional information at any time based on your purchase patterns. This information may include the source of your funds (employer name, retirement or investment account statement(s), etc.) and your Social Security Number depending on your transaction frequency and dollar amounts.
Those who wish to continue to use our machines but want to purchase a sum total of over $50,000 in cryptocurrency will be asked to go through our Enhanced Due Diligence Process.
Submitting the required information for a Tier 3 account approval can be done solely online, either on a desktop computer or via mobile device by clicking here.
Once received, we'll set a limit for you based on our own internal risk scoring policies and the documents you submit. Limits can and will vary from customer to customer based on our own determination. We promise we will process your application and reply to you in less than 24 hours -- and in many cases in less than an hour or two. You'll receive a text message confirmation when you're all set.
|Tier 4||$50,000+||Anyone who wishes to trade a large amount of cryptocurrency ($50,000 or more at one time) is welcome to use our concierge service (Over The Counter ('OTC')) trading desk for the fastest and most personalized service. You'll also get the best market rates available at the time. Please contact us for more information at [email protected] with your proposal or requirements. We can work with almost anyone, and if we can't, we can point you to someone who can help.|
Tier Limit Notes
As a general rule, the following apply:
- Our internal systems will flag anyone who approaches our cumulative transaction limits, and we will pro-actively try to reach out so you can be approved for higher limits rather than be denied when you visit one of our machines.
- If you have not yet visited a CoinMover machine and performed a transaction, but wish to exceed the limits above, we ask that you reach out to us at [email protected] or submit your information via our Enhanced Customer Identity Verification in order to be approved for Tier 3 or 4. We will ask questions like your anticipated transaction frequency, the general source of your funds, and additional documentation as required by our compliance policies. Once we verify your account, we are able to lift all restrictions so that you are free to buy and sell with no transaction or cumulative limits.
- While at our machine, if your documentation or information cannot be validated in real-time, your transaction and account will be placed in a pending status. Someone will manually review your account and reach out to you for additional information if needed.
- All official email from CoinMover will come from only two addresses:
- All official system generated text messages will only ever come from one of the three following numbers:
- SMS Text [Short] Message Support:
- 474-747 (474747)
- Official Support:
- (617) 681-4000
- Random system notifications and updates:
- (617) 843-4444
- One-time passcode via SMS before each transaction:
- (617) 681-7771
- SMS Text [Short] Message Support:
- Our terminal automatically rejecting your registration for any reason doesn't mean we can't approve your account. It just needs to be looked at manually to ensure that all individuals who conduct high volume transactions are properly identified. We understand it can be a pain, but give it about 5-10 minutes and you'll get an e-mail or text back about the status of your account.
- We reserve the right to close an account at any time, for any reason, where our internal risk and compliance department has deemed the account transaction history does not align with our business goals or adhere to our compliance standards and policies.
High Volume Discounts
All approved Tier 2 and Tier 3 accounts that have a valid e-mail address confirmed in our system are eligible for discount promotional codes that you can enter at our terminals each time you make a transaction. These codes give you a permanent discount on our fees and a reduction on the market price of each crypto displayed on the machine. If you want a discount, just text us at 617-681-4000 or e-mail [email protected] and ask.