Why are users being required to provide information related to the owner of wallets that send Digital Payment Tokens (DPT) to Gemini wallets?

Pursuant to the Payment Services Act 2019 (as amended), the Monetary Authority of Singapore requires all Virtual Asset Service Providers (VASPs), and other entities that have applied for or received a license, to take reasonable steps to determine the identity of the owners of wallets that send DPT to their customers.

What information must users provide?

Users must provide the full legal name and the country of residence of the owner of any wallet that sends DPT to the user’s Gemini wallet. The user will receive a notification to provide this information upon login for each incoming DPT transfer for which the user has not yet provided the required information.

Can Users receive DPT transfers from any initiating wallet?

Yes, as long as the user completes the attestation providing the full legal name and country of residence for the owner of the sending wallet.

What happens when a user does not provide a Deposit Attestation? 

A user will not be able to perform withdrawals (both fiat and DPT) until the user provides the required information. 

What happens if a user does not recognize the transfer? 

If a user selects “Do Not Recognize,” the user will not be able to perform withdrawals on the account until the investigation into the transfer is complete. 

What happens if a user does not provide accurate information in the Deposit Attestation? 

Gemini is required to collect and screen the information provided by the user. If a user knowingly provides false information as part of the Deposit Attestation, that is a violation of the User Agreement and adverse action may be taken on their account.