Behind the scenes: our approach to secure crypto transfers

We’re here to make the transfers as seamless as possible — and change the way you manage your crypto. That means protecting it, too. 

In this blog post, we want to finally lift the lid on two of the most requested features — crypto withdrawals and deposits.

We’ll cover why some transfers might take longer to process, how we work behind the scenes to make sure your crypto is protected, and also respond to the common questions we’ve seen on social media around these features.

One of the questions we get asked on social media is ‘will my account be shut down if I transfer crypto?’ So, let’s start with the facts. Only 1 in 5,000 transfers leads to account closure after further review — that’s less than 0.02%. You’re 8 times more likely to have your car stolen than have your account closed by us.

We’ll get to the reasons why we might review transactions and why some accounts are restricted, later in this blog.

A brief history of our crypto transfers

In December 2022, we launched the first iteration of crypto withdrawals. It was Bitcoin only and the limits were very low — we didn’t want to make a big song and dance about withdrawals launching until we had limits that our customers were happy with. By 2023, we launched the first version of crypto deposits, which finally allowed Bitcoin to be deposited for the first time, and finally closed the circle for sending and receiving BTC.

Since then, we’ve been constantly fine-tuning behind the scenes to improve transfers. What began with Bitcoin has now expanded to more than 30 cryptocurrencies, including stablecoins like USDT and USDC, unlimited amounts of deposits, and higher withdrawal limits of up to £250,000 per day and £1 million per month, in most markets. We no longer see “Wen Withdrawals?” posts on Reddit, but we’re always keeping an eye on the feedback in the social media space — your insights drive us to perfect our products for your crypto needs.

But it’s not just about how we built our product, it’s about protecting your crypto too. We follow strict financial regulations to create a secure environment for your crypto transactions. This starts from the second you sign up — from monitoring patterns in suspicious activity to identity checks, and using two-factor authentication.

Lets dive into the details of crypto security, what happens if a transfer is not processed, and how you can add further protection to your account.

How do we keep you safe when transferring crypto?

When you initiate a crypto transfer, our advanced algorithms monitor the transfer in real-time. In our pursuit of being the most secure app in the crypto industry, we’ll occasionally perform extra checks if our systems spot something unusual — such as:

• Potential criminal activity detected
• Activity that appears to be related to money laundering
• The recipient's address being flagged as potentially fraudulent
• The recipient's address being closely associated with scams
• Transfers to prohibited addresses, e.g. those with sanctions imposed
• Discrepancies between the information in our system and the details provided by the customer

If any of these issues arise, we may request ‌additional information from you. If we suspect fraud, we have additional measures in place to protect your account. Let’s take a look at a couple of examples where additional reviews would be required.

Scenario 1:
A customer sets up a Revolut account and makes a very large first crypto deposit. We're required to check large initial sums to ensure the source of funds is legitimate. We got in touch with the customer to request some information about the transaction. The customer didn’t provide this information, so we were unable to process the transaction — the deposit was reverted and there was no impact to the customer account.

Scenario 2:
A customer attempts to withdraw Bitcoin to the crypto exchange Garantex, which is listed on the OFAC US, OFSI UK, and EU sanctions list. Due to regulations, we wouldn’t be able to process this transaction. This triggers a review of the customer relationship to understand if the activity they are involved in constitutes a breach of sanction. After the review, further steps may be taken, e.g. closing their account if they are found to be breaching regulation.

What can I do to make sure my transfer will be processed?

So, first things first — it’s important to carefully check all the information when you make the transfer to avoid potential losses. This includes making sure the address and the chain are correct, as deposits and withdrawals are on-chain and irreversible.

Also, double check we support the token you want to deposit from an external wallet before making the transaction (you can find more information in our FAQs).

What should I do when further information is requested?

For the transactions that require more information to process, we’ll send you a notification, as well as in-app banners to get your attention. Just tap on these notifications to see exactly what’s required from you. The additional information should be straightforward, for example a statement that shows proof of funds, so we can ensure the source of the payment is genuine.

My transaction wasn't processed — what happens now?

• If we request additional information from you about an incoming or outgoing transfer, and it’s not provided, the transfer will be reverted. There's no impact on your account if this happens.

• If we have received the additional information but discovered the transfer isn’t genuine, the transfer will be reverted. In very rare circumstances, such as illegal activity, we may restrict or close your account. This is always taken as a last resort.

How do I know my transfers won’t get blocked?

Our system is designed to handle genuine transfers efficiently, and there will be no impact to your account. We’re here to protect you from suspicious or malicious activity, and we’ll always be transparent about any action we take to ensure your safety.

Take control with bonus protection features

If you’ve had your unlocked phone stolen, scammers can still change your password and face recognition. That’s why we have Wealth Protection in place — a new biometric identification feature for withdrawing crypto.

While other apps use just one biometric check, like facial or fingerprint recognition, Wealth Protection requires two: biometric verification before you can make a crypto withdrawal, and your identity is cross-referenced with the selfie you used when signing up. So we’ll double check it’s really you, and this prevents attempts to transfer funds out of your account.

Ready to set up Wealth Protection?

1. Tap your Profile icon in the top left corner
2. Scroll to Security
3. Tap Get started
4. Select Wealth Protection
5. Toggle on Crypto (you can also set up this feature for savings and investments)

Our security measures in numbers

Over 45 million people trust Revolut with £18.1b of their money. In 2023, we saved customers an estimated £475m in potentially fraudulent crypto and fiat transactions — we mean it when we say we take security seriously. That’s why we have protections in place, from monitoring patterns of suspicious activity, to using two-factor authentication. And we have award-winning, expert support available 24/7 to help you if any issues do arise.