Maintenance
Part of Crypto and stablecoin guide: a layer-by-layer overview
Crypto platform deposit checklist: entity, asset, custody, withdrawal, and scam checks
A pre-deposit crypto platform checklist: verify the legal entity, asset and network, custody terms, withdrawal test, proof claims, scam signals and records.
What to take away
- Match the legal entity on the interface to the entity named in the product terms, then check any license claim at the issuing authority.
- Identify the asset by network, chain ID and contract address, not by ticker.
- Compare the amount that lands in your bank account, not the advertised trading fee.
- Send a small test withdrawal before you rely on a displayed balance.
- Treat unsolicited tokens, recovery offers, guaranteed yield and changed deposit addresses as danger signals.
Run this crypto platform checklist before you deposit, and again whenever ownership, custody or withdrawal rules change.
Identity and licensing
- The legal entity and its jurisdiction are named.
- The product terms name the same entity as the interface.
- Any registration or license claim is checked at the issuing authority, not on the platform's own page.
- A federal money services business claim is checked in FinCEN's MSB registrant search.
- A state money-transmitter claim is checked in NMLS Consumer Access.
- New York claims are checked against the NYDFS virtual currency licensee list.
- Any securities or commodities classification question is checked with the SEC or the CFTC.
- Support is reachable without a social-media intermediary.
- Nobody claims that registration proves an investment is safe.
Money-transmitter licensing is set by each state, and New York runs its own regime. A license tells you who supervises the entity, not whether the product will pay out.
Identity and licensing checks
- Legal entity and jurisdiction named
- Product terms match interface entity
- Registration checked at issuing authority
- Support reachable without social media
- No claim registration proves safety
Asset identity
- Network and chain ID are correct.
- The token contract comes from a verified issuer source.
- The ticker is not the only identifier.
- Wrapped and bridged versions are distinguished.
- Administrative and freeze powers are disclosed.
- Deposit and withdrawal networks match.
- Whether the asset is treated as a security or a commodity is checked with the SEC or the CFTC where that question matters.
The FBI's warning on token impersonation and address poisoning describes fake tokens and look-alike addresses that share familiar opening and closing characters. Check the whole address and contract against an independent record.
Asset identity checks
- Network and chain ID correct
- Token contract from verified issuer
- Ticker is not only identifier
- Wrapped and bridged versions distinguished
- Admin and freeze powers disclosed
- Deposit and withdrawal networks match
Custody
- The provider states whether the relationship is custodial.
- The key controller is identified.
- Omnibus and individual address structures are explained.
- Customer entitlement records reconcile to controlled assets.
- Sub-custodian and location are known.
- Hot, warm and cold storage roles are documented.
- Withdrawal signing and approval controls are described.
- Whether FDIC or SIPC protection applies is stated, and crypto balances are not assumed to be covered.
- Insolvency treatment is reviewed by qualified counsel where material.
The OCC's 2025 bank crypto-custody interpretation confirms that national banks and federal savings associations may provide or outsource defined crypto custody and execution services, subject to applicable authority and third-party risk management. It does not make every platform a bank, and it does not make custody risk free.
Fees and execution
- Trading fee is known.
- Spread is measured against an independent contemporaneous price.
- Deposit fee is known.
- Withdrawal fee is known by asset and network.
- Network fee and platform fee are separated.
- Stablecoin conversion fee is known.
- Cash-out and bank-transfer fees are known.
- Expedited or subscription charges are included.
A zero-commission headline often hides the spread. Compare the final amount received.
Fees and execution checks
- Trading fee known
- Spread measured vs independent price
- Deposit fee known
- Withdrawal fee by asset and network
- Network fee separated from platform fee
- Stablecoin conversion fee known
- Cash-out and bank-transfer fees known
- Expedited or subscription charges included
Liquidity
- Order book or quote size supports the intended amount.
- Market and limit orders are understood.
- Slippage is estimated.
- Direct issuer redemption is separated from platform sale.
- Fiat banking hours and holds are known.
- Large-withdrawal review is known.
- A reserve claim is not treated as executable liquidity.
Withdrawals
- A low-value test succeeds.
- Address allowlist behavior is tested.
- New-address time lock is known.
- Multifactor method is phishing resistant where available.
- Memo or tag is verified.
- Confirmation count is disclosed.
- Cash withdrawal reaches the named bank account.
- Transaction hash and platform reference are saved.
Proof claims
- Report date is current enough for the decision.
- Assets and liabilities are both in scope.
- Customer balances are not exposed publicly.
- Custodian and ownership are supported.
- Borrowing, pledging and encumbrance are addressed.
- Accounting engagement type is stated accurately.
- A point-in-time result is not called continuous proof.
Scam checks
- No unsolicited contact directed the deposit.
- No romance or friendship contact is managing trades.
- No fee is demanded to release supposed profits.
- No recovery service asks for more crypto.
- No support agent asks for a seed phrase or one-time code.
- No screen-sharing tool is required for wallet setup.
- Guaranteed returns or risk-free yield are rejected.
- Domain and app publisher are independently verified.
Report suspected fraud to the FBI's Internet Crime Complaint Center (IC3) at ic3.gov, to the FTC at ReportFraud.ftc.gov, and to the CFTC for commodity or derivatives schemes. For a state money-transmitter license, the regulator that appears in NMLS Consumer Access takes the complaint; for a security, the SEC's tips, complaints and referrals system does.
Records
Keep these items: the terms, fee schedule, asset contract, and transaction hashes.
Keep these items: deposit and withdrawal references, bank records, support cases, and screenshots of material changes. Keep keys and seed phrases out of that set.
Common questions
Does a license guarantee withdrawals?
No. A license shows who supervises the entity. Check the license scope, the platform terms, the custody arrangement and the liquidity behind the balance.
Is proof of reserves enough?
No. Liabilities, ownership, encumbrance, scope, timing and the quality of the assurance all matter. A point-in-time snapshot is not continuous proof.
Can I verify an address by its first and last characters?
No. Look-alike addresses are built to match those. Check the complete address on a trusted display before you send.
Should support ever ask for my seed phrase?
No. A seed phrase grants control over the assets. Treat any request for it, or for a one-time code, as fraud and contact the platform through its published fraud line.
