KasinopratInnskudd og uttakKryptoWhy is it so hard to withdraw from crypto?
Why is it so hard to withdraw from crypto?
Bought Bitcoin in 2021 with some pension savings, sat on it since. Now need 25k for aprtment renovation, so I tried to withdraw. Did the ID check, verified the account, exchanged to NOK, and the withdrawal has been 'in process' for 6 days.
Read something about 'SE compliance' slowing things down. Is this normal for everyone, or is it just me? Why is it so hard to withdraw from crypto?
A pending withdrawal stuck for six days is nearly always the exchange, not the Bitcoin network, and it's because crypto exchanges are the only place where the money laundering rules bite *before* you see your money. When you buy crypto, it moves on the blockchain near instantly. When you sell, the exchange has to convert your crypto to fiat, then send that fiat to your bank, and each step is governed by anti-money laundering checks.
The flag on your account, that ID verification you passed, means a human has to look at the withdrawal. The 25k sum is small, but the system doesn't care about size. The network itself confirmed your trade in minutes.
The exchange then holds the fiat while they run the checks, and that's where the day-to-day delay happens. To speed it up, make sure the bank account you're withdrawing to has the same name exactly as the account you verified, and that you withdraw in NOK, not some other currency. Start the withdrawal early in the day, before the bank's cut-off, so it lands on a business day.
Six days is long but not unheard of. If it passes ten, contact their support with the transaction hash, and ask for a clear date. The only real catch is that the crypto part is fast, and the bank part is regulated.
So the answer is your money is likely safe, it's just stuck in the slow part.
Gammel kassadreng. Regner odds i hodet for moro skyld. Null magi her.
It's because crypto has no central bank, so the exchange is the bank for this purpose. They have to turn your crypto into kroner first, then send that to your bank. That's where the anti-money-laundering checks happen. Speed it up by using the bank account in your verified name, same currency, and start early in the day.
Jobba med betalingsløsninger i 15 år. Stablecoins er ikke stabilt, det er et navn.
Took me 17k out once and it took 11 days. Last two days were the exchange holding the fiat, not the network. The '24 hours' you read about is only the Bitcoin network part. The bank step is what drags.
Driver med oppgjør og kortsoner. Holder meg til det som er regulert.
Check the transaction hash on a block explorer. If it shows confirmed, the network did its job, and the exchange is slow to forward. Norwegian exchanges are bound by Finanstilsynet, so they can legally hold for a week if a KYC flag is raised. Totally normal, just frustrating.