FAQ

Cryptocurrency is a form of digital currency that uses cryptography to ensure security. It operates on a decentralized system called blockchain, where transactions are verified and then recorded on the blockchain ledger.

Cryptocurrency can be bought, sold, and used to buy goods or services, without the need for intermediaries like banks. Transactions are secured using public and private keys, which act like a bank account number and password. Cryptocurrency is a new and exciting form of currency that offers secure transactions.  There are different types of cryptocurrency: stablecoins are cryptocurrencies with value that is connected to another currency, commodity, or financial instrument, such as the US dollar, EUR. Privacy coins are cryptocurrencies that preserve anonymity by obscuring the flow of money across their networks. Examples of privacy coins are Monero (XMR), Zcash (ZEC), and Dash (DASH).

Virtual assets may include tokens, which are cryptocurrencies that are built on top of an existing blockchain,  such as ERC-20 tokens. There are many different types of tokens, including utility tokens, security tokens, governance tokens, gaming tokens, non-fungible tokens (NFTs), and more.

Create an account: This usually involves providing personal information such as your name, surname, home address, and email address. You may also need to provide identification documents, such as a passport or national ID card, to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. 

Verify your identity: After creating your account, you will likely need to verify your identity remotely. This could involve providing additional identification documents, taking a selfie, or answering security questions. 

Complete the KYC questionnaire: Once your ID verification is done, you will be required to fill out a KYC questionnaire. This step helps the platform assess your risk profile, intended use of the account, and verify compliance with AML requirements. The questionnaire may include questions about your source of funds, occupation, and investment experience.

Fund your account: Once your account is verified, you can add funds using cryptocurrency or fiat currency (currently EUR). The specific funding options will depend on your preferences. 

Start using the platform: Once your account is funded, you can start using the platform to buy and sell, swap crypto assets, store or withdraw. 

Personal information: This includes your full legal name, date of birth, and address. 

Identification documents: You will need to provide a government-issued ID document such as a passport or national ID card. 

Proof of address: You may need to provide a document that verifies your address such as a utility bill, bank statement or rental agreement. 

Source of funds: You may be required to provide information on the source of the funds you plan to deposit into the account. 

Employment or business information: You may be asked to provide additional information about your occupation or business. It’s important to note that the specific requirements may vary and additional documents or information may be required.

The length of time it takes to verify your account can vary depending on the completeness and accuracy of the information and documents you have provided.  

In general, the verification process can take anywhere from a few minutes to several business days.  

To ensure a smooth and timely verification process, make sure to provide all the required information and documents accurately and completely. If you have any questions or concerns about the verification process or timeline, it’s best to reach out to our support team at support@safe2transact.com.

KYC stands for “Know Your Customer”. It is a set of procedures that are used to verify the identity of our customers and assess their risk. KYC is used to prevent money laundering, terrorist financing, sanctions evasion, fraud, and other financial crimes. 

The KYC process typically involves collecting personal information from the customer, such as their name, surname, address, date of birth, and government-issued identification documents. The information is then verified using reliable and independent sources, such as government or public databases.

Safe2transact operates in full compliance with the Bank of Lithuania’s regulatory framework for Virtual Asset Service Providers (VASPs). This includes adherence to the Law on the Prevention of Money Laundering and Terrorist Financing, as well as to guidelines issued by the Bank of Lithuania and the European Banking Authority (EBA).

We maintain robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies designed to:

• Verify and monitor customer identity in accordance with local and EU requirements.
• Detect and report suspicious activity to relevant authorities.
• Protect our platform and clients from money laundering, terrorist financing, and other forms of financial crime.

Safe2transact continuously updates its compliance procedures to reflect evolving regulations and best practices within the European financial ecosystem.

At Safe2transact, we prioritize the security of your assets and personal information. Here are some ways we provide a secure environment for your transactions: 

Multi-Factor Authentication (MFA): We use MFA to add an extra layer of security to your login process. This means that in addition to your password, you will need to enter a one-time code sent to your phone to access your account. 

Multi-Party Computation (MPC) Storage: We use MPC technology to protect your private keys by dividing them into multiple encrypted parts, stored separately across secure environments. No single party ever has access to the full private key, significantly reducing the risk of compromise. When a transaction is authorized, these key shares work together to sign it securely—without ever reconstructing the complete key.

Encryption: We use advanced encryption technology to protect your personal data and account information. This means that only authorized users can access your data. 

Compliance with AML: We comply with Anti-Money Laundering (AML) laws and guidelines   to prevent your assets from being used for illegal activities. We verify your identity and monitor your transactions for any suspicious activity. 

Regular Audits and Penetration Testing: We conduct regular audits and penetration testing to identify and address potential security vulnerabilities.

Fiat (Euro) deposits & withdrawals

At Safe2transact, we ensure that all fiat transactions are processed securely and in compliance with financial regulations. You can easily deposit and withdraw funds through your verified bank account.

Depositing fiat funds (Euro)

It is only possible to add fiat money (Euro) from a whitelisted bank account that belongs to you.

• Go to Account → Manage External Bank Account to add your IBAN.
• In the Dashboard Balance section, click Deposit to view detailed money transfer instructions.
• You can also request to receive these instructions by email by selecting Receive Transaction Details.
• Please follow the provided instructions to top up your Safe2transact account.

Please allow some time for the funds to appear, as bank transfers may take up to several business days depending on your financial institution.

Note: Your Euro deposit is automatically converted into Stabl Euro, a stable digital equivalent of the Euro, in accordance with the User Agreement. Your balance will display Stabl Euro, which you can then use for crypto transactions on the platform.

Withdrawing fiat funds (Euro)

You can withdraw fiat money only to an approved bank account from which previous deposits were received.

1. In the Dashboard Balance section, click Withdraw.
2. Select the bank account you wish to withdraw to.
3. Enter the Stabl Euro amount you would like to withdraw — this amount will be automatically converted to Euro.
4. Click Withdraw to confirm your transaction.

Please allow some time for the funds to appear in your bank account, as bank transfers may take up to several business days depending on your financial institution.

Crypto currency deposits & withdrawals

Only cryptocurrencies supported by the Safe2transact platform can be deposited or withdrawn. Depositing unsupported assets or using incorrect networks may result in the permanent loss of funds.

Depositing crypto currency:

• In the Dashboard → Crypto Balance section, click Deposit.
• Select the cryptocurrency you would like to deposit.
• Create a deposit address for the selected crypto currency.
• Use the generated address (or corresponding QR code) to transfer funds from your external wallet to your Safe2transact account.
• Once the network confirms the transaction, your deposit will appear in your account balance.

Withdrawing crypto currency:

• Go to the Beneficiary section and select a crypto currency.
• Click Add beneficiary.
• Choose one of the two options:
• Internal Beneficiary – a user within the Safe2transact platform.
• External Beneficiary – a wallet address outside the Safe2transact ecosystem.
• Add a reference code (for internal beneficiaries) or a wallet address (for external beneficiaries).
• Enter the amount you wish to withdraw.
• Click Withdraw to confirm the transaction.

Important: 

Always verify that the selected network and address are correct before confirming any transaction.

Internal Beneficiaries are Safe2transact users. To add one, use their Connect Code (or reference code), for example: S2T-ABC-DEF-GHI. This can be found in the Account section of the customer portal.

External Beneficiaries are wallets outside the Safe2transact platform. To add one, enter the recipient’s cryptocurrency wallet address.

Tax obligations

Your tax treatment of cryptocurrency depends on the country where you live. In many jurisdictions, profits from buying and selling crypto are taxable. You’re responsible for complying with local laws and rules — please consult a tax advisor or public tax authority.

Account Statements

You can calculate your profit and loss by exporting your transaction statements from the dashboard. 

To download a statement:

1. Select Account menu from the left-side bar in your dashboard. 
2. Go to Statements section.
3. Select the date range and statement type.

You’ll be able to download your statement in .pdf or Excel format.

Disclaimer
Safe2transact does not provide tax advice. Tax rules for cryptocurrencies and other assets vary by country and may change. If your activity results in capital gains or losses, you may be required to report and pay taxes accordingly. For guidance tailored to your situation, speak with a tax advisor or contact the public tax authority

Update account security & lock your account

If you suspect your account has been compromised, you can lock it to prevent unauthorized access.

You should only lock your account if someone has gained unauthorized access to it. To unlock it, please contact our Support team at support@safe2transact.com.

Update account security & lock your account

1. Reset your password.
2. Upgrade or reset your Two-Factor Authentication (2FA).
3.  Submit a scam report:

• When in dashboard select Security from the sidebar. 
• Press ‘Report a scam’. 
• Describe the issue.

• Confirm if you would like to lock your account. 
• Submit a report.

Password reset:

1. On the sign-in page, click Forgot password?
2. You will receive an email with a password reset link.
3. Open the email and click the reset link.
4. Create a new password for your account.

Enable Two-Factor Authentication (2FA):

1. Select Security in the left sidebar.
2. Go to Transaction 2-Factor authentication or 2-Factor authentication section.
3. Press the switch on.
4. Enable 2FA following the instructions on the screen.

Reset Transaction Two-Factor Authentication (2FA):

1. In the left sidebar, go to Security.
2. Go to Transaction 2-Factor Authentication.
3. Click the Refresh icon (circular arrow) to reset 2FA.
4. In your authenticator app, add the new entry (scan the QR code) and confirm with the 6-digit code.
5. After the new Transaction 2FA is confirmed, remove the old Safe2transact entry from your authenticator app.

Reset Two-Factor Authentication (2FA) for login:

1. In the left sidebar, go to Security.
2. Under 2-Factor Authentication, turn 2FA off.
3. Turn 2FA back on to generate a new QR code.
4. In your authenticator app, add the new entry (scan the QR code) and confirm with the 6-digit code.
5. After the new 2FA is confirmed, remove the old Safe2transact entry from your authenticator app.

Unlock your account

To regain access, you will need to reset your password and confirm your phone number.

Steps to unlock your account:

1. Contact our Support team at support@safe2transact.com.

2. Request a password reset.

3. A password reset link will be sent to your registered email address.

4. Create a new password.

5. Log in to your account using your email and new password.

6. Enter the SMS code sent to your phone.

7. Access your account.

8. We strongly recommend resetting your Two-Factor Authentication (2FA) to keep your account secure.

When Your Account is Restricted:

We may temporarily restrict your account to keep it secure. This can happen if:

• Your ID verification isn’t complete.
• Your source of funds isn’t verified.
• Your KYC details are outdated.
• You have not provided the requested information for the Company within the indicated timeframe.

If we need more from you, we’ll email you with clear next steps and any deadlines.

To get back to full access:

• Complete any requests right away.
• Upload clear, valid, and up-to-date documents.
• Have recent transaction records ready for review.

Account Completion & Closure:

If your account remains inactive for a period of 12 months, or the required details are not provided on time, we may be required to close your account. You will receive an email notification at least 60 days in advance to allow you sufficient time to take the necessary action. 

You may also initiate the closure of your account at any time directly through your dashboard.

To close your account:

1. Select Account menu from the left-side bar in your dashboard. 
2. Go to Close account section.
3. Press Close account.

Important: Prior to initiating account closure, you must withdraw all crypto-assets and fiat funds to an external wallet or bank account. Following closure, the account will be terminated and no longer accessible.

Can I Re-open my Closed Account?

Once an account is permanently closed, reopening it is not possible.

If you’d like to use Safe2transact again, the quickest option is to create a new account. 

Reusing Your Details

If your old account was closed, you can still sign up again using the same phone number to register your account with Safe2transact. The email address should be unique.

Crypto trading risks:

• Prices swing a lot. You can lose money fast.
• You might not be able to sell instantly. Low activity = worse prices or delays.
• Bugs/exploits. Smart contracts, bridges, or oracles can fail.

• Rules vary by country. Features or assets can change or be restricted.
• Taxes may apply. Trades, swaps, or rewards can be taxable.
• Scams/phishing are common. Fake sites, DMs, support impersonators.

How to stay safer:

If something feels off, stop and ask support before proceeding.

Only use money you can afford to lose.

Lock down security: strong, unique password + Two-Factor Authentication (2FA).

Bookmark official links; don’t click ads or DMs.

Track activity regularly: export statements and review.