Recently, there has been a storm at the headquarters of the American crypto exchange FTX. The platform would not have enough reserves to cover customer assets. This created a modern “bank run” on the platform. These events are extremely nerve-wracking for customers of the platform. In this blog, we explain how you can send coins from the FTX platform to Knaken. So that you can safely store your coins with a regulated Dutch platform. So that you can simply contact a support department in Dutch or know that the platform must comply with Dutch laws and regulations.

 

Current situation FTX: Currently, withdrawals are closed on the FTX platform. We'll keep you up to date with the latest developments on the platform here, or check the status of FTX at FTX- status.

Step 1: Create an account on Knaken

The first step starts with creating a Knaken Account. If you already have a Knaken account, you are well on your way. The fastest way to create a Knaken account is to download our mobile app (iOS & Android). After downloading the app, you will enter our registration flow. You can complete this within 5 minutes. After going through this flow, you have uploaded your ID and Address verification.

Step 2: Add your exchange wallet to your Knaken account

After completing the first step, you can add your exchange wallet to your Knaken account. Here you can choose for which coin you want to add a wallet and enter the wallet address. When you have filled in these fields, a wallet verification will be opened.

In this step, you upload two screenshots of your wallet. One on which your wallet address is clearly visible and one on which your wallet history can be seen. Our compliance team will then check and approve or disapprove your wallet verification based on the photos provided.

Do you have coins on different networks on the exchange? Then you can add multiple addresses. It is worth noting that some Stablecoins can be sent over different networks. Double check whether the network in your wallet verification on Knaken also matches the network over which you want to send the coins.

Step 3: Send your coins to Knaken

When you have added the wallet(s) you will receive the wallet address from Knaken which you can use to send a specific coin. Keep in mind that when you send your coins, you don't send everything, but let alone a part to pay for the gas costs needed to send the coins. For most networks this is a few cents, but for the Ethereum network, for example, sending coins can sometimes cost more than €1,-.

When you have sent the coins, they will be sent quickly to the Knaken account. If something went wrong in this step or the coins are not in your account within a few hours? Please contact [email protected]. They will help you further and ensure that the coins end up in the account.

Congratulations! Your coins are now at Knaken.

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