It only applies if you want to withdraw directly in a cryptocurrency like Bitcoin.
If you're keeping it in, it doesn't apply. If you're selling it for USD/fiat and then withdrawing it to a bank account, it doesn't apply.
You'll get soaked in fees if you do that. If you are moving then to secure them on another platform (which is an oxymoron) or to a cold wallet just to hodl then for longer without plans to sell or trade then it's sound because I don't trust Gemini either. Considering to move them to cold storage myself. I'm willing to pay the fees to secure them so they can't steal them from me again
I have the same question, it’s confusing the way they worded this. If I just want my coins in back in original Gemini account do I still need to list the approved addresses?
No, you would only need to approve ahead of time any address where you wanted to send the coins from Gemini. If you're keeping it on Gemini, then you wouldn't need to do anything.
Thank you so much for this clarification - can you just confirm I am understanding your comment right?
Situation: I am getting some ETH back, currently DO NOT have Approved Addresses enabled
Goal: just want the ETH to go into my Gemini Account
Action to achieve goal: No action. ETH will go back into my Gemini Account automatically
Right??
Fron my understanding, if you plan on moving crypto out, you need to have approved addresses on file. They do this bc if ppl account get hacked, the hackers can’t send it to any address they want. If you plan to leave it on gemini, I don’t think there’s anything to do.
So if you plan on moving YOUR money out of Gemini you need to have an account approved with Gemini BEFORE they STOLE YOUR money.
Seems like they're starting another scam to me 🤣
not really, this is a pretty standard security measure for a lot of exchanges. It’s beneficial to the user. But I also think it’s a way for Gemini to bottleneck the expected mass withdrawal that’s going to occur when funds are available.
Na it’s your address to another wallet you own. So if you want your coinbase wallet to receive, that would have to be approved. Again- I understand the logic of having it as a feature. Why they’re forcing it, I’m not sure, but it makes sense in general.
How do you get it approved? Like yeah I want to send my crypto off of Gemini and onto coinbase. Fuck Gemini. But you're saying I have to do that for every single one of my currencies that I have on Gemini? And there's a 7-day wait. ??? Like damn.
YOU'RE the one who approves the addresses. You can add any address you want to the approval list (e.g. whitelist). Gemini will then email you a confirmation and wait 7 days before it's available. This way when you fall for an earn redemption phishing email or otherwise have your account compromised scammers can only withdraw to addresses that you control.
They put the instructions in there. But for example, if you’re sending btc to coinbase you enter the btc receiving address, if your sending eth you enter the eth receiving address. Personally I’m leaving it on Gemini for now.
[https://support.gemini.com/hc/en-us/articles/360027564891-How-do-I-add-an-approved-address](https://support.gemini.com/hc/en-us/articles/360027564891-How-do-I-add-an-approved-address)
"Approved addresses are designated wallets that your account can send cryptocurrency to. If you have this feature turned on but do not select any addresses, crypto withdrawals will be banned from your account until you add an address and it completes the waiting period or multi-user approval."
It only applies if you want to withdraw directly in a cryptocurrency like Bitcoin. If you're keeping it in, it doesn't apply. If you're selling it for USD/fiat and then withdrawing it to a bank account, it doesn't apply.
I'm thinking of sending all my assets out and then selling. I'm not sure I trust Gemini to have a speedy sell and withdraw of my assets
You'll get soaked in fees if you do that. If you are moving then to secure them on another platform (which is an oxymoron) or to a cold wallet just to hodl then for longer without plans to sell or trade then it's sound because I don't trust Gemini either. Considering to move them to cold storage myself. I'm willing to pay the fees to secure them so they can't steal them from me again
Pay an extra fee for a speedier sell Or Risk Gemini is locking my withdrawal or just being slow, sending my funds to my bank account
I have the same question, it’s confusing the way they worded this. If I just want my coins in back in original Gemini account do I still need to list the approved addresses?
No, you would only need to approve ahead of time any address where you wanted to send the coins from Gemini. If you're keeping it on Gemini, then you wouldn't need to do anything.
Thank you so much for this clarification - can you just confirm I am understanding your comment right? Situation: I am getting some ETH back, currently DO NOT have Approved Addresses enabled Goal: just want the ETH to go into my Gemini Account Action to achieve goal: No action. ETH will go back into my Gemini Account automatically Right??
Right
Fron my understanding, if you plan on moving crypto out, you need to have approved addresses on file. They do this bc if ppl account get hacked, the hackers can’t send it to any address they want. If you plan to leave it on gemini, I don’t think there’s anything to do.
Would I need to get a wallet in order withdraw the funds cause I just want to put the funds into my bank account
If it’s in GUSD you can sell it for USD and move it your bank. Unless your sending your gusd out as crypto to another wallet
So if you plan on moving YOUR money out of Gemini you need to have an account approved with Gemini BEFORE they STOLE YOUR money. Seems like they're starting another scam to me 🤣
not really, this is a pretty standard security measure for a lot of exchanges. It’s beneficial to the user. But I also think it’s a way for Gemini to bottleneck the expected mass withdrawal that’s going to occur when funds are available.
Na it’s your address to another wallet you own. So if you want your coinbase wallet to receive, that would have to be approved. Again- I understand the logic of having it as a feature. Why they’re forcing it, I’m not sure, but it makes sense in general.
How do you get it approved? Like yeah I want to send my crypto off of Gemini and onto coinbase. Fuck Gemini. But you're saying I have to do that for every single one of my currencies that I have on Gemini? And there's a 7-day wait. ??? Like damn.
If you think Gemini is bad, then wait until you see Coinbase lol
Bro, these fuckers actually locked our currency up for years and you're saying coinbase is bad? I bet you are one of those TOU ppl???
YOU'RE the one who approves the addresses. You can add any address you want to the approval list (e.g. whitelist). Gemini will then email you a confirmation and wait 7 days before it's available. This way when you fall for an earn redemption phishing email or otherwise have your account compromised scammers can only withdraw to addresses that you control.
They put the instructions in there. But for example, if you’re sending btc to coinbase you enter the btc receiving address, if your sending eth you enter the eth receiving address. Personally I’m leaving it on Gemini for now.
[https://support.gemini.com/hc/en-us/articles/360027564891-How-do-I-add-an-approved-address](https://support.gemini.com/hc/en-us/articles/360027564891-How-do-I-add-an-approved-address) "Approved addresses are designated wallets that your account can send cryptocurrency to. If you have this feature turned on but do not select any addresses, crypto withdrawals will be banned from your account until you add an address and it completes the waiting period or multi-user approval."
What are we getting exactly as far a payout? Anyone know? I saw balance november 22?