The cryptocurrency landscape has changed immeasurably since Uphold first launched. We’d like to explain some of the changes we’re making to keep you and your funds safe. The way we try to prevent criminals from using the platform is changing.
It’s important to remember that in all the countries we offer our services we’re required to have measures in place to detect activity that may be linked to financial crime. A worldwide problem, financial crime is associated with some pretty awful things like drug trafficking, child abuse, terrorism, and sexual exploitation.
As well as combating such activity, we’re required to comply with certain laws and regulations in territories where we hold licenses.
This means our compliance team is always working hard to ensure that we can offer you our services as well as make sure you, your data, and your money remain safe and secure.
We like to say our job involves catching the bad folk and keeping the community safe – we might say it in jest but we take our job seriously.
With that as background, we’ve launched a new tool that monitors all of our transactions in real-time and in a minority of cases may place a brief, temporary hold on a customer’s transaction.
Our goal is to understand certain transactions and where we are required to by law, collect extra information to satisfy requirements imposed on us by regulators and our partners such as banks, card schemes, and payment processors.
We may also hold a transaction because we have detected activity on your account that may indicate someone else has access to it and we want to keep you and your funds safe.
While we do this, here is our pledge to you:
- If we place a transaction on hold, we’ll always email to let you know why.
- Any funds placed on hold still belong to you and remain safe while we conduct our review.
- If we need more information from you, we’ll be in touch and be clear about what we need. The sooner you send us the information, the sooner we can release the transaction.
- When we receive the information we asked for, we’ll work fast to release the hold on your transaction so you can continue to use Uphold.
- The vast majority of transaction holds are cleared within an hour.
- If you forget to send us the required information within14 days, we’ll reverse the transaction to the originating bank or debit/credit card. If you deposit from a crypto network, you’ll need to send us the destination address of your wallet.
- We’ll keep your data safe and delete it as soon as we can.
- If we’re unable to process the transaction, we’ll return your money the way you sent it (to your credit/debit card, your bank account or crypto wallet).
We’re continuously looking to improve the way we keep you and your hard-earned money safe and welcome feedback. Don’t hesitate to get in touch via email: [email protected]