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How are withdrawal accounts set up?

By default, all accounts are deemed to be blacklisted (not approved for withdrawals) until added and approved by a participant. Withdrawal Accounts and Addresses are approved bank accounts and cryptocurrency addresses that a participant has approved for use by its users. Withdrawal Accounts & Addresses may be approved by either an authorized signer or admin. Once approved, the Withdrawal Account or Address will be available for withdrawals.

Withdrawal Accounts are added via the portal, under the Funds tab. Simply select "Withdraw" for the appropriate fiat currency, and then “Manage Accounts” (for fiat) or “Manage Addresses” (for cryptocurrency) to submit a request for a new Withdrawal Account or Address. Fill out the relevant bank information or address needed for Seed CX to transfer funds into and submit for approval. Once approved, the Withdrawal Account or Address will be available in the dropdown menu in the withdrawals page for future Withdrawal Requests.

Controls:

  • Withdrawal Limits are the maximum amount of a currency, denoted in that currency, that a Participant may withdraw at any one time.
  • Withdrawal Locks are outright restrictions on an account that prevent any withdrawals from being processed to that Withdrawal Account/Address.
  • Changing any control feature of a Withdrawal Account or Address will remove it from its previous approved state, thereby removing it as an option for submitting withdrawals, until such time that it is approved again by at least one authorized signer.
  • Note: changing a Withdrawal Accounts status from approved to pending will immediately cancel all previously approved but unprocessed Withdrawal Requests.