The security of your assets is Bitvavo’s highest priority. To ensure the safety of your assets, Bitvavo is, in principle, storing most of our user assets at Insured Custody Providers who are specialized in storing digital currencies in a safe environment and are insured up to an amount of EUR 255 MIO to mitigate potential risks as much as possible.
To bring the security of our user assets to the next level, we are introducing the Bitvavo Account Guarantee. Should someone gain unauthorized access to your Bitvavo account and misappropriate funds, you may now be eligible for reimbursement of up to EUR 100.000.
How it works
- Eligible Bitvavo Users - the Bitvavo Account Guarantee is currently only available to eligible Bitvavo users and in eligible cases (see the FAQ below)
- Unauthorised activity - Someone gained unauthorised access to your Bitvavo account and withdrew your funds without permission.
- Get in touch - Contact our support team to lock your account, let us know what happened, and provide us with as much detail as you can.
- Get reimbursed - We will investigate your case and reimburse you up to EUR 100.000 should we find evidence of unauthorised activity, and once we’ve confirmed you’re eligible for the Bitvavo Account Guarantee
What is covered?
- Unauthorised withdrawal of crypto - Someone gains unauthorised access to your account and withdraws your crypto to another wallet.
- Unauthorised withdrawal of EUR - The Bitvavo Account Guarantee also reimburses you if someone initiates an unauthorised withdrawal of EUR to a bank account or online account.
If funds were removed from your account without your authorisation you may be eligible for reimbursement of up to EUR 100.000. For example, you are caught by a sim swap attack, and scammers access your account without authorisation, to withdraw your funds.
What is not covered?
Below is a list of situations that are not covered by the Bitvavo Account Guarantee. Please note that this list is only indicative and not exhaustive:
- Incorrect transactions - You sent crypto using the wrong email address or public key and can't recover your funds. Unfortunately, blockchain transactions are non-reversible. This isn’t covered as there is no unauthorised access to your account.
- Buying, selling or sending crypto - The guarantee only covers unauthorised activity. If you buy, sell, convert, or send crypto using your account and then you regret it, we can’t reverse your transaction or cover losses.
- Loss of profits - To be eligible for reimbursement, funds have to have left your account.
Use crypto with confidence
At Bitvavo we want to make it as easy and safe as possible for you to access digital assets always and everywhere. Our guarantee is not a regulatory requirement and is not part of the EU deposit guarantee Schemes. The Bitvavo Account Guarantee is also not an insurance policy. As the only digital asset exchange offering users reimbursements of up to EUR 100.000 we're proud to protect your funds.
Who is eligible?
In order to be eligible, you must have completed all the KYC steps that we've asked of you and be eligible to trade. Check here if you are fully verified. In addition, your account must be open for at least 30 days after you were eligible to trade. You are only eligible for reimbursement once. Subsequent unauthorised activity is not covered. A police report needs to be submitted with your request and if you participated in a fraudulent activity you are not eligible.
Eligibility criteria and other conditions apply. For a complete overview of all relevant criteria and conditions, please see Annex 1 of the User Agreement.
How long does it take to be reimbursed?
We evaluate each case individually and can't promise reimbursements within a specified time frame. Straight-forward cases are easier to investigate and will therefore receive reimbursements more quickly than complex cases.
Is the Bitvavo Account Guarantee a regulatory requirement?
No, Bitvavo is launching this pilot voluntarily to provide an unparalleled level of protection to Bitvavo users. We withhold the right to end or continue the pilot as we see fit.
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