Crypto withdrawals lock for accounts without 2FA security

At Bitvavo, we prioritize the security of your assets. We want to ensure that you can trade and invest in cryptocurrencies with peace of mind. An essential part of securing your Bitvavo account is enabling Two-Factor Authentication (2FA). In this article, we explain why 2FA is crucial and what happens if you don't enable it before 2023-10-31.

Why is 2FA important?

Two-factor authentication (2FA) is an additional layer of security that protects your account from unauthorized access. With 2FA, besides your password, an extra verification step is added, usually in the form of a one-time code sent to your mobile device. This means that even if someone knows your password, they cannot access your account without completing the second verification step.

Enabling 2FA is essential for the following reasons:

• Protection against theft: 2FA prevents malicious individuals from gaining access to your account and stealing your crypto assets.

• Protection against phishing: Phishing attacks attempt to steal your password by luring you to fake websites. With 2FA, it's much harder for attackers to access your account, even if they have your password.

• Overall account security: Enabling 2FA is a significant step in securing your account against various forms of online threats.

What happens if you don't enable 2FA before the specified date?

To ensure that all our users benefit from this additional security layer, we have implemented a policy that automatically activates a 'crypto withdrawal lock' for accounts where 2FA is not enabled before the specified date.

The crypto withdrawal lock means that no crypto withdrawals can be made from your Bitvavo account until 2FA is enabled, and your identity is verified by depositing 1 euro into your account with your linked bank account.

How to lift the crypto withdrawal lock?

To lift the crypto withdrawal lock, follow these simple steps:

1. Enable 2FA: Go to the settings of your Bitvavo account and enable Two-Factor Authentication (2FA). You can find instructions on how to do this on this page.

2. Verify your identity: Deposit 1 euro into your Bitvavo account with your linked bank account. This serves as an additional verification step to ensure the security of your account. You can do this through the "disable crypto withdrawal lock" option in your security settings. Detailed instructions can be found on this page.

Once you have completed these steps, the crypto withdrawal lock will be lifted, and you can resume normal crypto withdrawals from your account.

At Bitvavo, we are committed to the security of your assets, and we encourage all our users to take proactive steps to secure their accounts.