To provide even better protection for your account and to uphold the highest security standards together, we have improved our policy and verification process for external wallets. This update ensures your wallet is more secure and makes it easier for you to manage your own assets.
In this blog, we’ll explain exactly what’s changing and how you can take full control of your crypto in a few simple steps.
In the world of crypto, security isn’t a luxury; it’s an absolute necessity. By enhancing our verification methods, we ensure that withdrawals to external wallets only go to addresses that truly belong to you. This significantly reduces the risk of errors and unauthorized access. Additionally, we’ve made the process more intuitive and transparent for you.
The new feature goes live on March 31. We understand that you might not always have time immediately, so we’ve ensured a smooth transition. You can continue using your currently saved addresses as usual for 14 days. During this period, you can verify your wallets at any time. After these 14 days, verification becomes mandatory. If you wish to make a withdrawal to an external address after that point, it must be (re)verified once.
You can choose from two simple methods to verify your wallets:
This is the most modern and seamless way to verify. You temporarily link your wallet (such as MetaMask or TrustWallet) to Knaken and sign a digital message.
Available for: Wallets on the Ethereum, Solana, Binance Smart Chain, Polygon, and Base networks.
Costs: Completely free of charge.
Does your wallet not support WalletConnect (for example, a hardware wallet or a specific blockchain)? Then choose the Penny Check.
How? You send an exact, tiny amount (e.g., 0.00012 ETH) to a unique address provided by us.
The Result: Once the transaction is approved, we simply credit this amount back to your Knaken account. You won’t lose a single cent!
Under the new guidelines, it is only possible to verify wallets that are under your own management (self-custody), such as Ledger, Trezor, or MetaMask. Directly sending funds to other exchanges is no longer permitted.
When you store your crypto in your own wallet, you are the only one who holds the “keys.” You aren’t dependent on the rules or the stability of another exchange. We want you to maintain full control over your own success. That is the very essence of crypto.
You don’t need to do anything right now, but from March 31 onwards, everything will be ready for you in your profile. Log in to the Knaken app or go directly to your wallet settings via: https://my.knaken.eu/settings/wallets and set it up in just a few minutes.
Do you have any further questions? Our support team is ready to help you every step of the way.
Together, we’re making crypto safer, more accessible, and stronger.
Knaken Cryptohandel B.V. has applied for a MiCA license from the Netherlands Authority for the Financial Markets (AFM). This application is currently being assessed by the AFM.
Investing in crypto-related products involves significant risks.
