As part of our commitment to comply with the local regulatory requirement and Financial Action Task Force Value Transfer Requirement (Travel Rule), Sparrow is required to collect additional information for your deposit transaction.
For deposits from non-whitelisted private wallets, Sparrow will require clients to complete an additional deposit test (Satoshi Test) to verify the address ownership. However, due to the unique properties of the BTC address, some clients could not complete the verification using the same address again.
Sparrow integrated and optimized the process of deposit BTC from non-whitelisted private wallets by combining deposit and Satoshi test. Therefore, when you intend to deposit BTC from a non-whitelisted private wallet, you only need to enter the planned amount and strictly follow the designated amount generated by the system. Once the system receives your deposit order, if the amount matches, it will automatically credit the deposit, and the source address will also be whitelisted.
For example,
1. Select BTC currency/protocol、private wallet、Deposit from new address in [Deposit]-[Crypto]
2. Enter my planned deposit amount of 10 BTC and click [Confirm]
3. Check the designated deposit amount 10.000088BTC and the deposit address
4. Send the designated deposit amount from my private wallet to the deposit address, and wait for Sparrow to receive and credit the deposit
Notes:
- modifying the planned deposit amount will invalidate the original designated amount and generate a new designated amount.
- Once the system receives a BTC deposit from a non-whitelisted address, it will match the order amount with the account’s latest designated amount. If the matching succeeds, the order will be credited automatically and the designated amount will be invalidated.
- If you have initiated a deposit based on the designated amount, please do not modify or reset the planned amount before the deposit is completed. Otherwise, the order may fail to be credited automatically.
- Once the designated amount is updated, Sparrow will send an email notification for your reference.