What is the crypto withdrawals lock and how do I disable it?

Summary
This article explains why enabling Two-Factor Authentication (2FA) is crucial for securing your Bitvavo account. It covers the benefits of 2FA and the consequences of not enabling it by the specified date. It also outlines the steps to lift an automatic crypto withdrawal lock so you can resume normal crypto withdrawals.

At Bitvavo, the security of your funds is our top priority. This article explains the importance of enabling Two-Factor Authentication (2FA) and the consequences if you don't enable it by October 31, 2023. It also provides steps to lift a crypto withdrawal lock.

Why is 2FA important?

Two-Factor Authentication (2FA) adds an extra layer of security to your Bitvavo account. It involves a second verification step in addition to your password, 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.

Benefits of 2FA:

• Protection Against Theft: Prevents unauthorized access to your account and theft of your crypto assets.
• Phishing Protection: Makes it much harder for attackers to gain access, even if they obtain your password through phishing.
• Overall Account Security: Adds a crucial layer of protection against various online threats.

What Happens if You Don’t Enable 2FA?

To ensure all our users benefit from this extra security layer, we have implemented a policy that automatically activates a 'crypto withdrawal lock' for accounts without 2FA enabled by the specified date.

Consequences:

• No crypto withdrawals can be made until 2FA is enabled.
• Identity verification required by depositing €1 with your linked bank account.

How to Lift the Crypto Withdrawal Lock?

Follow these simple steps to lift the crypto withdrawal lock and resume normal crypto withdrawals:

1. Enable 2FA:

   • Go to your Bitvavo account settings and enable Two-Factor Authentication.

2. Verify Your Identity:

   • Deposit €1 to your Bitvavo account using your linked bank account through the process for lifting the crypto withdrawal lock in your security settings.

Once these steps are completed, the crypto withdrawal lock will be lifted, and you can resume crypto withdrawals.

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.

Frequently Asked Questions