In 2022, Gemini restricted Digital Payment Token (DPT) transfers withdrawals from Gemini wallets to whitelisted, self-owned wallets (read more here). We implemented this control to comply with Monetary Authority of Singapore (MAS) regulations that require Gemini to positively verify the ownership of all wallets that receive transfers from Gemini. From Sep 21 2023, we are enhancing this control by limiting outbound transfers to:
- Whitelisted, self-hosted wallets (e.g., a wallet you own and control that is not hosted by another exchange or third party);
- DPT that is either on (1) Bitcoin or Bitcoin Fork Networks (eg. Litecoin, Bitcoin Cash and Dogecoin) or (2) Ethereum/ERC20 blockchain; and
- Wallets for which a Gemini customer has completed a Small Deposit Test (sometimes referred to as a “Satoshi Test”),
1. Why are users being restricted to transferring DPT only to self-hosted wallets that have completed a Small Deposit Test? Aren’t other less-cumbersome methods available?
The Monetary Authority of Singapore (MAS) requires that all Virtual Asset Service Providers (VASPs), and other entities that have applied for or received a license pursuant to the Payment Services Act 2019 (as amended), to be fully compliant with the Travel Rule, effective immediately. This requires being able to positively identify the owner of any wallet that receives DPT from a Gemini-hosted wallet.
2. How does the Small Deposit Test work?
To prove control of the wallet address, please follow the following steps:
- Add an address in your account settings here: Approved Addresses.
- Once the address is added, send a deposit of at least $1 notional worth of supported crypto from the wallet you want to whitelist, to your Gemini Deposit address.
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We will review your deposit and if the sender's address matches the external wallet address you added, the status of your address will be updated to 'Pending Time' or 'Active', depending on whether it has been seven days since you added the address. A whitelisted address is considered ready for withdrawal only when in 'Active' status.
3. How can I tell if the address I added has completed the Small Deposit Test or passed the 7 days approval period?
A whitelisted address is considered ready for withdrawal so long as it is in “Active” status. Refer to the table below for the different statuses of an added address.
Status | What it means |
Unverified |
Pending 7 Day Approval Period AND Small Deposit Test or Completion of the Small Deposit Test |
Pending/Pending Time | Pending the completion of the 7 Day Approval Period, the Small Deposit Test is complete |
Active | Small Deposit Test is Completed and 7-Day Approval Period has passed. Address is ready for use. |
4. I have already sent a small deposit from my wallet but the address is still not Active and I cannot withdraw my DPT.
- If the status of your address is "Pending" or "Pending Time", you will need to wait for 7 days from the day the address was added before it becomes "Active" and ready for withdrawals.
- If the status of your address remains "Unverified", it means that the address the DPT was sent from did not match the address you have added to your Approved Address list. Here are some possible reasons:
- Deposits from other centralized crypto exchanges - Small Deposit Tests can only be completed with self-hosted wallets.
- Change Addresses for UTXO-based (Unspent Transaction Output) crypto assets - The Small Deposit Test does not currently support self-hosted wallets on the BTC or BTC Fork Networks that utilize rotating addresses (e.g Trezor, Ledger). For more information, see Q5.
Example from mempool block explorer - previous output address in your transaction needs to match the address you have added on Gemini.
Example from Etherscan block explorer - the "From" address needs to match the address you have added on Gemini.
5. How do I complete the Small Deposit Test if my sending address keeps changing?
The Small Deposit Test (SDT) is not currently compatible with self-hosted wallets on the BTC or BTC Fork Networks that utilize rotating addresses.
Should your wallet use rotating addresses, the Coin Control feature on your wallet (if available) may potentially simplify the deposit process by allowing you to set a fixed address to complete the Small Deposit Test. We advise you to check if the Coin Control feature is available within your wallet.
6. I have already completed the Deposit Attestation, why isn’t my address approved for withdrawals? Isn’t it the same as a Small Deposit Test?
Successfully providing information for an incoming deposit (Deposit Attestation) is not the same as successfully proving control of the address you have whitelisted (Small Deposit Test).
Deposit Attestation | Small Deposit Test |
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7. Must every user whitelist a self-hosted wallet and complete the Small Deposit Test?
No. Users who only use the Gemini platform to buy, sell, or trade DPT and who do not make off-exchange transfers do not need to take any action. Whitelisting and completion of a Small Deposit Test are only required for users who intend to transfer DPT from their Gemini wallet to a wallet outside of the Gemini ecosystem.
8. Why can’t I transfer my DPT to a wallet I own that is hosted at another exchange?
It is currently not reasonably feasible to execute a Small Deposit Test with a wallet hosted by an exchange or other third party. For that reason, at this time, the only type of outbound DPT transfer for which wallet ownership can be ascertained and verified in advance of initiating a transfer is one sent to a self-hosted, self-owned wallet.
9. Why can’t I transfer my DPT to a wallet I own that is hosted at another exchange?
It is currently not reasonably feasible to execute a Small Deposit Test with a wallet hosted by an exchange or other third party. For that reason, at this time, the only type of outbound DPT transfer for which wallet ownership can be ascertained and verified in advance of initiating a transfer is one sent to a self-hosted, self-owned wallet.
10. Is there a fee associated with the Small Deposit Test?
There may be transaction and/or gas fees associated with transferring small amounts of DPT to your Gemini wallet from your wallet service provider.
11. How long will it take to complete the Small Deposit Test and have my self-hosted wallet approved for receiving a transfer from my Gemini wallet?
Typically, it only takes up to 15 minutes for a Small Deposit Test to be completed, but the exact time required for any particular test depends on a number of factors, including network traffic.
However, while your wallet will be approved for transfers as soon as the Small Deposit Test is complete, please bear in mind that the entire process of approving a self-hosted wallet to receive a transfer from Gemini, including the whitelisting process, typically takes about seven days to complete. For that reason we urge you to initiate this process as soon as possible so as to avoid any potential delays in transferring funds from Gemini to a self-hosted wallet.
12. Can I withdraw non-BTC/BTC Fork Networks, non-ETH/ERC-20 DPT from the platform?
No, not after 21 September 2023. The Small Deposit Test is only currently available for BTC, ETH, and ERC-20 tokens. For that reason, if you expect to transfer non-BTC/BTC Fork Network tokens or non ETH/ERC-20 tokens from your Gemini wallet in the near future, you should whitelist a self-hosted wallet capable of holding these assets and transfer them to your whitelisted wallet before 21 September 2023. We may expand the Small Deposit Test to other tokens in the future and we will notify you once that functionality is available.
As a reminder, Bitcoin Fork Networks include: Litecoin, Bitcoin Cash and Dogecoin.
13. Can I still make withdrawals to previously whitelisted wallet addresses for non-BTC/BTC Fork and non-ETH/ERC-20 chains?
No. After 21 September 2023, whitelisted wallet addresses for non-BTC/BTC Fork Networks and non-ETH/ERC-20 chains will no longer be available for withdrawals.
You can always receive deposits, buy, or sell these tokens on Gemini.
14. What should I do if I currently have non-BTC/BTC Fork Network DPTs or non-ETH/ERC-20 DPTs in my account and I wish to transfer that crypto off the Gemini platform?
Prior to 21 September 2023, you can transfer these non-supported DPTs off the Gemini platform.
After 21 September 2023, whitelisted wallet addresses for non-BTC/BTC Fork Networks and non-ETH/ERC-20 chains will no longer be available for withdrawals. You have a couple options:
- Convert non-BTC/ BTC Fork Network, non-ETH/ERC-20 DPTs to fiat and transfer fiat to your linked bank accounts.
- Convert your non-BTC/BTC Fork Network, non-ETH/ERC-20 DPTs to fiat, purchase BTC or ETH or another ERC-20, and withdraw from the platform.
As a reminder, Bitcoin Fork Networks include: Litecoin, Bitcoin Cash and Dogecoin.
15. Do you still have to complete the Small Deposit Test if you have previously received deposits from that wallet address?
Yes. Even if you have previously received deposits from a self-hosted wallet address, you will still be required to whitelist the address and verify the address by completing the Small Deposit Test.
16. Can I still make withdrawals to previously whitelisted wallet addresses for non-BTC/BTC Fork and non-ETH/ERC-20 chains?
No. After 21 September 2023, whitelisted wallet addresses for non-BTC/BTC Fork Networks and non-ETH/ERC-20 chains will no longer be available for withdrawals.
You can always receive deposits, buy, or sell these tokens on Gemini.