Due to the introduction of the fifth anti-money laundering directive, which came into effect in the Netherlands on May 21, 2020, Bitvavo is now under the supervision of De Nederlandsche Bank. According to De Nederlandsche Bank, this supervision means that digital currencies can only be sent to verified wallet addresses.
Before sending digital currencies to an external wallet address, you must first add this external wallet address to your address book. Once you add the external wallet address, you never have to enter the same wallet address again, you limit the risk of possible errors, and you can easily keep track of which wallet addresses you have sent digital assets to.
Adding an external wallet to the address book
The address book linked to your Bitvavo account can be compared to the address book linked to your bank account and works as follows:
- Navigate to the address book page.
- Select the relevant digital currency to which you wish to add a wallet address.
- Enter the wallet address and a name to quickly identify your external wallet address.
Once you have added your external wallet address to the address book, get it verified, and you'll be ready to send your digital currencies to the desired external address.
LTC: The address you have entered is invalid
It is not possible to withdraw LTC to a native-segwit ‘ltc1’ address. Withdrawing LTC can be done to addresses that start with either the letter ‘M’ or the letter ‘L’.
You are able to generate a new wallet address through your external wallet by choosing one of the other address formats, as explained in this article.
BTC: The address you have entered is invalid
It is not possible (yet) to withdraw BTC to a Taproot address. Withdrawing BTC can be done to addresses that support Segwit.
For more information, see this article.
DGB: The address you have entered is invalid
It is not possible to withdraw DGB to a native-segwit ‘dgb1’ address. Withdrawing DGB can be done to addresses that start with either the letter ‘D’ or the letter ‘S’.
You are able to generate a new wallet address through your external wallet by choosing one of the other address formats.
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