Acum poti retrage balanta portofelului tau EUR! Te invitam sa intri in cont, in portofelul de EUR, si sa soliciti returnarea fondurilor. Vom procesa retragerile de EUR sub forma de EURC, cum am anuntat anterior.

EURC este o moneda digitala stabila care este reglementata sub MiCA (legea europeana care reglementeaza monedele digitale) si care are in spate EURO in raport de 1:1 cu moneda digitala emisa. Moneda este emisa de catre Circle, administratorii bine-cunoscutei monede USDC (echivalentul EURC pentru USD, cu o capitalizare de peste $35.5 miliarde).

Pentru a putea retrage, vei avea nevoie de un portofel de monede digitale in reteaua Solana (recomandarea noastra) sau Ethereum. Va trebui sa alegi reteaua portofelului tau, si apoi sa introduci adresa portofelului. Pentru a putea primi EURC, nu este nevoie de nimic, insa pentru a putea folosi EURC in reteaua de destinatie, s-ar putea sa ai nevoie de o cantitate mica din tokenul nativ al retelei (i.e. SOL sau ETH) pentru a plati taxele pentru procesarea tranzactiilor. Veti putea converti EURC in monedele digitale folosind un DEX, sau sa ii convertesti in EUR si sa ii retragi in contul tau bancar folosind servicii de schimb.

Daca planul tau este sa ajungi cu EUR in contul bancar, atunci iti recomandm sa iti deschizi un cont BitStamp si sa depui direct acolo prin reteaua Ethereum. BitStamp inca foloseste denumirea veche a EURC de EUROC. Sunt una si aceeasi moneda. Folosind BisStamp, vei putea schimba EUR(O)C in EUR si vei putea sa ii retragi in contul tau bancar.

Daca planul tau este sa cumperi monede digitale, atunci iti recomandam sa faci asta pe reteaua Solana printr-un dex cum ar fi Jupiter (taxe mici), sau pe Ethereum folosind UniSwap (taxe mari). Daca nu ai un wallet deja, iti recomandam un ghid pentru Phantom. Permite cumpararea de SOL cu usurinta pentru a acoperi eventualele taxe de retea.

Daca folosesti un portofel custodial sau un exchange sau alt serviciu similar te rugam sa verifici ca acesta accepta EURC inainte de a retrage acolo. Odata procesata retragerea nu mai putem face nimic pentru a recupera fondurile, in cazul in care partenerul tau nu recunoaste depuneri de EURC. Binance si Revolut nu accepta depuneri de EURC.

Estimam ca ar putea dura cateva saptamani sa primesti EURC in portofelul tau. Veti fi notificat prin email atunci cand retragerea a fost procesata. Este posibil sa iti solicitam confirmarea identitatii pentru a putea procesa retragerea, sau alte informatii, conform reglementarilor in vigoare.

Te sfatuim sa iti descarci istoricul de tranzactionare si datele tale personale, intrucat platforma coinflux.com se va inchide pe 8 noiembrie 2024. Am adaugat o noua functie unde poti descarca istoricul in format CSV in pagina Istoric si Dashboard. Poti descarca datele tale personale din Profil si Dashboard.

Daca aveti intrebari puteti contacta support@coinflux.com pentru ajutor.

Actualizari:
01/10/2024: Am adaugat un ghid pentru Phantom. Am procesat prima transa de retrageri.
05/10/2024: Am clarificat optiunile de retragere in functie de obiectivul fiecaruia. Am procesat o a doua transa de retrageri. Am returnat peste 50% din fondurile clientilor pana acum.
13/10/2024 Am adaugat optiune pentru descarcarea istoricului de tranzactii ca CSV. Am clarificat ca Binance si Revolut nu accepta EURC. Am returnat peste 64% din fondurile clientilor.
19/10/2024 Am returnat peste 70% din fonduri.
21/10/2024 Acum puteti descarca datele voastre personale.
25/10/2024 Am mutat data inchiderii platformei in Noiembrie. Am returnat peste 86% din fonduri.

English version

You can now withdraw the balance of your EUR Wallet. Just go to your EUR Wallet in your account and request the withdrawal. We will process withdrawals in the form of EURC, like we announced previously.

EURC is a digital stablecoin that is MiCA compliant (European crypto regulation) and which is backed 1:1 with EURO. EURC is issued by Circle, managers of the well-known stablecoin USDC (USD equivalent to EURC, with a market capitalization of 35.5 billion USD).

To withdraw, you will need a digital currency wallet on the Solana (our recommendation) or Ethereum networks. You will have to choose the network of your wallet, then enter your wallet address. You don’t need anything in order to receive EURC, but you may need a small amount of the networks’ native token (i.e. SOL or ETH) to use EURC, as you need to pay for transaction fees. You will be able to convert EURC to other digital currencies using a DEX, or to convert them to EUR and withdraw them to your bank account using an exchange.

If your plan is to end up with EUR in your bank account, then we recommend setting up a BitStamp account and depositing there directly via the Ethereum network. Please be aware that BitStamp still uses EURC’s old name of EUROC. They are one and the same. Using BitStamp, you can exchange EUR(O)C to EUR and withdraw to your bank account.

If your plan is to use the funds to buy digital currencies, then we recommend doing so on the Solana network via a DEX linke Jupiter (lower fees), or Ethereum using UniSwap (higher fees). If you don’t already have a wallet, here is a guide for Phantom. It allows you to easily buy some SOL for your transaction fees using a bank card.

If you use a custodial wallet or an exchange or similar service please check that they accept EURC before withdrawing there. Once the withdrawal is processed we can’t do anything to recover your funds in the case where your partner does not recognize EURC deposits. Binance and Revolut do not support EURC deposits.

We estimate that it may take several weeks to receive the EURC in your wallet. You will be notified by email when your withdrawal will be processed. We may request you confirm your identity or other information, as per applicable regulations.

We suggest you download your transaction history and your personal data as we are shutting down coinflux.com on November 8th 2024. We added a new feature to allow you to download your full transaction history as CSV in your History tab and the Dashboard. You can download your personal data from the Profile tab and the Dashboard.

If you have any questions please contact support@coinflux.com for assistance.

Edits:
01/10/2024: We added a guide for Phantom. We have processed the first batch of withdrawals.
05/10/2024: We clarified withdrawal network options based on your individual objectives. We processed a second batch of withdrawals. We’ve returned over 50% of client funds so far.
13/10/2024 We added a feature to download the full transaction history as CSV. We clarified that Binance and Revolut do not accept EURC deposits. We returned over 64% of client funds.
19/10/2024 We returned over 70% of client funds.
21/10/2024 You can now download your personal data.
25/10/2024 We moved up the platform shutdown date to November. We returned over 86% of user funds.

Am lucrat in ultimele zile la actualizarea platformei CoinFlux.com. Logarea in platforma este acum din nou posibila.

Pe baza extrasului de cont MisterTango, am procesat depunerile efectuate de clienti in contul nostru intre martie 2019 si martie 2021. Clientii care au efectuat aceste depuneri le pot vizualiza acum in portofelul de EUR.

Va sfatuim sa va descarcati istoricul de tranzactionare, intrucat platforma va fi inchisa dupa returnarea fondurilor, in viitorul apropiat.

Nu am reusit sa deschidem un cont bancar in care sa retragem fondurile din MisterTango, iar acestia in continuare nu ne permit sa va trimitem fondurile prin transfer bancar. Intrucat ne dorim sa va returnam fondurile, singura varianta care ne ramane este sa le returnam sub forma de moneda digitala.

In perioada imediat urmatoare vom permite retragerea fondurilor din portofelul de EUR sub forma de EURC, o moneda digitala stabila care este reglementata sub MiCA (legea europeana care reglementeaza monedele digitale) si care are in spate EURO in raport de 1:1 cu moneda digitala emisa. Moneda este emisa de catre Circle, administratorii bine-cunoscutei monede USDC (echivalentul EURC pentru USD, cu o capitalizare de peste $35.5 miliarde).

In momentul in care platforma va fi pregatita, veti putea retrage EUR sub forma de EURC in portofelul vostru digital. Apoi, veti putea converti EURC in monedele digitale folosind un DEX cum e UniSwap sau Jupiter, sau sa ii convertiti in EUR si sa ii retrageti in contul vostru bancar folosind serviciile de schimb care accepta EURC, cum ar fi Coinbase sau BitStamp.

Va vom anunta in momentul in care veti putea retrage fondurile si va vom oferi instructiuni.

Edit 24/09/2024: Am clarificat metoda de returnare a fondurilor.

English version

We have been working over the last few days to update CoinFlux.com. You can now log into the platform again.

Based on a bank statement from MisterTango we have processed deposits sent by clients to our account between march 2019 and march 2021. Clients who sent these deposits can now view them in their EUR wallet.

We encourage you to download your trading history, as the platform will be shut down after funds are returned in the near future.

We have been unable to open a bank account to withdraw the funds from MisterTango, and they have been unmoving in denying us to return your funds via bank transfer. As we want to return funds to you, our only option is to return them as digital currency.

In the near future we will allow the withdrawal of your EUR in the form of EURC, a digital stablecoin that is MiCA compliant (European crypto regulation) and which is backed 1:1 with EURO. EURC is issued by Circle, managers of the well-known stablecoin USDC (USD equivalent to EURC, with a market capitalization of 35.5 billion USD).

When the platform will be ready, you will be able to withdraw EUR in the form of EURC to your digital wallet. Then you will be able to convert your EURC to other digital currencies using a DEX like UniSwap or Jupiter, or to convert them to EUR and withdraw them to your bank account using an exchange services which accepts EURC, like Coinbase or BitStamp.

We will notify you once you will be able to withdraw funds and provide instructions.

Edit 24/09/2024: We clarified how the funds will be returned.

Dupa mai multe discutii cu autoritatile din SUA, am agreat la sfarsitul lunii martie sa incercam deblocarea contului bancar CoinFlux deschis la Mistertango in Lituania printr-o procedura accelerata, care sa nu depinda de alti factori externi, cum ar fi decizia judecatorului care intarzia sa vina. Astfel, autoritatile SUA au solicitat catre autoritatile din Lituania deblocarea contului bancar al CoinFlux la sfarsitul lunii martie.

Contul CoinFlux care contine fondurile clientilor a fost deblocat in Aprilie 2022. Din pacate, Mistertango nu ne permite sa efectuam operatiuni pe cont in acest moment.

In momentul de fata purtam discutii cu Mistertango pentru a ne permite sa returnam fondurile voastre din cont, insa acestia nu arata flexibilitate sau deschidere la a ne permite sa accesam fondurile in acest moment. Am incercat sa purtam aceste discutii in prealabil, inainte de momentul deblocarii contului, dar Mistertango a refuzat in acel moment.

Analizam mai multe variante pentru a va returna fondurile, si vom reveni cu informatii cand avem o solutie.

Am primit in sfarsit un extras de cont, si vom lucra in perioada urmatoare sa identificam si sa verificam ca datele din sistemul informatic sunt in concordanta cu datele din extras.

Stim ca exista clienti care au trimis fonduri dupa ce contul a fost blocat, si retrageri care nu au fost procesate, si clienti care inca mai au fonduri in custodia CoinFlux in portofelul de Euro. Daca va aflati in aceste situatii, si contul bancar din care ati trimis fondurile nu mai este deschis, va rugam sa intrati in contul vostru CoinFlux, sa accesati portofelul vostru de Euro, si sa adaugati un IBAN unde ati dori sa primiti fondurile. Apoi va rugam sa ne transmiteti un email la support@coinflux.com cu un extras sau foaie de IBAN pentru acel cont pentru a il putea aproba in sistem. Contul trebuie sa fie in numele vostru.

Dorim ca restituirea fondurilor sa se intample in cel mai scurt timp si cautam solutii pentru a face asta cat mai curand. Vom reveni cand avem detalii suplimentare.

English version:

Following repeated discussions with US authorities, we agreed at the end of March to try releasing the funds in CoinFlux’s bank account at Mistertango in Lithuania in an accelerated fashion, which would not depend of external factors, like the judge’s late decision on forfeiture. As such, US authorities requested that Lithuania unfreez CoinFlux’s bank account at the end of March.

The CoinFlux account which contains client funds was unfrozan in April 2022. Unfortunately, Mistertango is not allowing us to make any payments from the account.

We are in talks with Mistertango to allow us to return funds to clients, but they are showing no flexibility or openness to allowing us to access the funds in the account at this time. We tried discussing this issue with them ahead of time, before the account was unfrozen, but they refused.

We are reviewing multiple possible scenarios to return funds to you, and will revert when we have a solution.

Mistertango finally agreed to provide a bank statement, and we will work to identify and cross-check the data in our system with the bank statement.

We know there are clients who deposited funds after the account was frozen, and withdrawals that were not processed, and clients who still have funds in CoinFlux custody in their Euro wallets. If you find yourself in this siutation, and the bank account you deposited money from is no longer open, please log into your CoinFlux account, access your Euro wallet, and add a bank account where you wish to receive your funds. Then, please email us at support@coinflux.com with a bank statement or IBAN information page for that IBAN so we can approve it in the system. The account must be in your name.

We hope to return your funds as soon as possible, and are analyzing solutions to do this soon. We will revert when we have more details.

Actualizat: 2 februarie 2022

Avand in vedere ca o parte din procedurile legale descrise in mesajul nostru din octombrie sunt in curs sau au fost deja incheiate putem estima data la care se vor finaliza toate procedurile:

Estimam ca fondurile voastre vor fi deblocate in luna februarie sau martie 2022.

Intelegerea mea cu procurorii prevede ca ei vor lua urmatoarele actiuni [versiune noua]:

1. Vor obtine autorizarile necesare aprobarii intelegerii de catre DOJ (Ministerul Justitiei) SUA si alte organizatii implicate [finalizat — 9 luni] ✔

2. Vor obtine aprobarea judecatorului pentru intelegere [finalizat] ✔

3. Vor indeplini unele cerinte legale procedurale [finalizat— 60 zile — 13 ianuarie 2022] ✔

4. Vor obtine aprobarea finala de la judecator [in asteptare — inceput pe 24 ianuarie — estimat 14 zile (7 februarie)] ⇐

5. Vor confisca o serie de fonduri apartinand sau fiind in custodia CoinFlux in valoare de peste $2,5 milioane [in asteptare — dupa indeplinirea punctului 4]

6. Vor debloca fondurile clientilor din custodia CoinFlux si alte active ale CoinFlux si ale mele care nu au avut legatura cu vreo infractiune [in asteptare — dupa indeplinirea punctelor 4 si 5]

In plus fata de comunicarile precedente, avocatul nostru a obtinut asigurari din partea procurorilor ca acestia comunica deja cu autoritatile din Lituania si Marea Britanie ca acestea sa fie la curent cu desfasurarea procedurilor si sa fie pregatite sa actioneze cat mai rapid pentru confiscarea fondurilor CoinFlux conform intelegerii si pentru deblocarea fondurilor voastre, si a fondurilor CoinFlux si ale mele care nu au avut vreo legatura cu vreo infractiune. Totusi, va rog sa luati in considerare ca sunt implicate mai multe autoritati in mai multe tari care pot genera intarzieri procedurale.

Va asiguram in continuare ca depunem toate eforturile pentru a va returna fondurile in cel mai scurt timp posibil.

English version:

Updated: February 2nd 2022

Seeing as some of the legal procedures we described in our previous message from October have been completed or are currently being completed, we can now better estimate the date when all procedures will be finalized:

We estimate that your funds will be released in February or March 2022.

My agreement with prosecutors details that they will take the following actions [updated version]:

1. Obtain all necessary authorization for the USA DOJ and all others parties involved for the agreement to be approved [completed — 9 months] ✔

2. Obtain all necessary approvals form the Judge on the case for the agreement [completed] ✔

3. Complete certain required legal procedures [completed — 60 days — January 13 2022] ✔

4. Obtain final approvals from the judge [pending— started January 24 — estimated to require 14 days (February 7th)] ⇐

5. Will finalized the forfeiture of certain funds belonging or in the custody of CoinFlux worth in excess of $2.5 million [pending points 3 and 4]

6. Will unfreeze and release all client funds left in CoinFlux custody, and other CoinFlux assets and assets belonging to myself that were not linked to any criminal activity [pending points 3, 4 and 5]

In addition to previous communications, our forfeiture attorney has obtained assurances from prosecutors that they are in communication with authorities in Lithuania and the United Kingdom and are keeping them appraised of developments and making sure they are ready to act as soon as possible to forfeit CoinFlux funds as per the agreement and release client funds and funds that had no link to any crime. Of course, please remember that there are authorities in multiple countries involved which can generate delays.

Please rest assured that we are doing everything possible to return your funds as soon as possible.

Banks can’t block payments to your own account at another financial institution.

There is a very easy way to get around the block, without paying any extra fees: Open an account with Mistertango using their app or website, it takes about 10 minutes. Now, send EUR to your own account first (normal bank transfer fees apply). After that, send from your Mistertango account to CoinFlux instantly for free, circumventing the block.

Mistertango is a regulated Electronic Money Institution from Lithuania. By law, all funds deposited with them are kept in a safeguarding account with a bank. Our corporate accounts are with Mistertango, so transfers will be instant and free.

a. Advantages:

• You get an individual current account with EUR IBAN and a MasterCard bank card, for free.
• Instant transfer to CoinFlux Mistertango account, 24/7, for free.
• Free SEPA transfers, once you have money in the account.
• no limit for deposits or withdrawals
• multiplatform usage — browser and app

b. Disadvantages:

• You can deposit money in your EUR account with your bank card, but there is a 4% fee.
• If you are depositing money via a RON bank card, your bank may charge up to 2% for the EUR-RON conversion.

c. How to use Mistertango for CoinFlux, if you already have a RON bank account
-> Download the app and create a Mistertango account
-> Create account (provide email, set up password & PIN, send passport or ID -> Confirm your phone number

Option 1:
-> Visit Mistertango’s website
-> Login and copy your IBAN
-> Send EUR to your personal Mistertango account
-> Once the EUR arrive, Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).

Option 2:
-> Visit Mistertango’s website
-> Login and Top Up your EUR Mistertango account, by using your bank debit card (EUR, RON or other)
-> Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).

We hope this will help you get around banks blocking payments to CoinFlux. If you’d like to switch banks, we have an article comparing SEPA fees when sending from Romania.

What do I need in order to trade digital currencies at CoinFlux?

1. A CoinFlux account — you can sign up at CoinFlux.com, it only takes a few minutes.
2. A EUR account with a bank or financial institution in Europe.

How do I choose which bank or financial institution to use?

Picking the right bank or financial institution will influence the time and the cost involved in sending and receiving money using your CoinFlux Wallet.

We want to highlight the following institutions:

• Revolut
• Telekom Banking
• Mistertango
• Idea Bank

Revolut

Revolut seems to be the most cost-efficient method. They are a regulated Electronic Money Institution from the United Kingdom. By law, all funds deposited with them are kept in a safeguarding account with a bank.

Cheapest option

a. Some relevant advantages:

• You can deposit money for free with your basic bank card (Eg. Visa Electron, Mastercard). It works like an online payment, so it’s nearly instant.
• You get an individual current account with EUR IBAN, for free. You can get a MasterCard bank card for a small fee.
• You can exchange fiat currencies at very reasonable rates within Revolut (you can deposit RON and exchange them into EUR within the app)
• You can use it for online payments, ATM withdrawals or POS payments if you opt for their debit card.

b. Some downsides:

• For deposits using gold, platinum, business, corporate or credit cards they apply a fee, which is displayed prior to confirming the deposit. (We noticed a 1.14% charge for Mastercard Gold cards).
• Sending money from Revolut to other accounts (including ours) can take from a few hours to one business day.
• If you top it up by bank transfer, and not by card, your bank’s SEPA charges will apply.
• They have limits on how much money you can deposit, you’ll have to share documents about your source of funds to increase the limits, if needed.

c. How to use Revolut for CoinFlux, if you already have a RON bank account

-> Download the app and create a Revolut account
-> Within the app, activate a RON account and a EUR account
-> Top Up your RON Revolut account, by using your existing bank debit card
-> Within Revolut, exchange your RON into EUR
-> Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).

If you have a EUR account, the process with Revolut is the same as above, minus the exchange step.

Telekom Banking

Telekom Banking is a new joint venture between Telekom and Alior Bank. They offer bank accounts, payments and currency exchange, and at just 5 RON, they are the cheapest option for SEPA payments from Romania. You can deposit RON with them, exchange it to EUR and send from their internet banking platform.

Best option from Romania

a. Advantages:

• You get an individual current account in RON and EUR IBAN and a MasterCard bank card. If you use the account, there are no monthly fees, or 3 RON/month if you don’t use the account on a monthly basis.
• SEPA payments cost just 5 RON. RON payments are free.
• no limit for transfers from your accounts
• multiplatform usage — browser and app

b. Disadvantages:

• You can sign up via the app, but you will need to visit a Telekom store to finish the account opening process. They are everywhere, and it takes a few minutes.
• You need to transfer money in, or deposit in store; they don’t allow you to deposit using your bank card.
• They have two options for FX exchange, and the cheaper option involves a bit of work to set up.
• The app and web interface still need work.

c. How to use Telekom Banking for CoinFlux

• Open the website and create a Telekom Banking account -> Go to a Telekom store and finish the onboarding process, you can deposit money to your account while you’re there -> Log in the the web interface -> Open a EUR current account -> Transfer RON to your EUR account (automatic currency exchange, decent rate) -> Payments -> Foreign Currency payments -> Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).
• In order to benefit from better exchange rates, you can register for their Currency Exchange service at this address. You will need to transfer money from Telekom Banking to the Currency Exchange account (instant transfer), exchange RON to EUR, and then transfer your EUR to your Telekom Banking account (instant). We don’t understand why they made the system so complicated, but the exchange rate is good, and you will want to use it for larger amounts.

Mistertango

Mistertango is a regulated Electronic Money Institution from Lithuania. By law, all funds deposited with them are kept in a safeguarding account with a bank. Our corporate accounts are with Mistertango, so transfers will be instant and free.

Fastest option

Some banks, including BRD-Groupe Societe Generale and Banca Transilvania, are known to refuse sending payments to digital currency exchanges. To get around that, open a personal Mistertango account and send money from your bank to your Mistertango account first (normal bank transfer fees apply). After that, send from your Mistertango account to CoinFlux instantly for free. The banks can’t refuse payments to your own account at another financial institution.

a. Advantages:

• You get an individual current account with EUR IBAN and a MasterCard bank card, for free.
• Instant transfer to CoinFlux Mistertango account, 24/7, for free.
• Free SEPA transfers, once you have money in the account.
• no limit for deposits or withdrawals
• multiplatform usage — browser and app

b. Disadvantages:

• 4% commission for deposits via card
• If you are depositing money via a RON bank card, your bank may charge up to 2% for the EUR-RON conversion.
• customer support could be improved (sometimes answers can take days)

c. How to use Mistertango for CoinFlux, if you already have a RON bank account
-> Download the app and create a Mistertango account
-> Create account (provide email, set up password & PIN, send passport or ID -> Confirm your phone number

Option 1:
->Visit Mistertango’s website
-> Login and copy your IBAN
-> Send EUR to your personal Mistertango account
-> Once the EUR arrive, Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).

Option 2:
-> in your browser visit Mistertango’s website
-> Login and Top Up your EUR Mistertango account, by using your bank debit card (EUR, RON or other)
-> Send EUR to CoinFlux (details in the deposit screen in your EUR wallet).

Traditional banks

Using your current bank account

If you are already trading with us through your EUR bank account, then you can continue the same way, using your current bank.

If you’ve used your RON bank account for deposits and withdrawals in the past, you’ll have to open or use a EUR account in your name. You can do so using your current bank or financial institutions, or find one with lower fees; we’ve compiled a list to help you choose.

a. Advantages

You can use the services of the bank you are already accustomed to, maybe even get some special perks, if you’re a loyal client and they’re a nice bank.

b. Disadvantages

• Costs: All banks in Romania apply SEPA transfer fees. Here’s a list with the most banks in Romania and their SEPA transfer charges, as of late March 2018.
• Duration: it usually takes 1 to 3 business days, depending on the bank.
• Convenience: banks usually require that you visit a branch to open a bank account.
• Risks: some banks are blocking payments to digital currency exchanges. Some of our clients recently experienced that with BRD-Groupe Societe Generale. You will choose to transfer your money from your bank account into your Revolut or Mistertango account and then to CoinFlux, they payment will not be blocked.

Idea Bank has the lowest fees in the local market for SEPA payments (5 EUR), and excellent RON->EUR exchange rates. Marfin Bank and Patria Bank also have lower fees than most banks.

With Libra Internet Bank, you can open an account online and confirm it with your existing bank account. They have average fees, at 0.1%, minimum 10 EUR for SEPA payments.

Services we heard about, but haven’t tested yet

Some of our cool clients, such as yourself, have mentioned other payment options, which we haven’t been able to test yet. We’ll list them below and, if you’ve used them already, please share your experience with us at alex@coinflux.com. We’ll update the article once we’ve completed our testing.

1. Monese
2. Transferwise.com

Why do other services still offer exchange in RON?

This is one of the more frequent questions we’ve received since discontinuing trading in RON. We don’t have insight into what other companies are doing, but here are some of the possible explanations:

1. They have probably received notifications from their banks, stating that their account will be closed soon. We know finding stable banking relationships in Romania can be difficult, and we wish them good look in all endeavors. We enjoy healthy competition in our field in Romania and hope it will continue. Competition results in better services to end customers, and our aim is to provide the best service.
2. They found a bank that was willing to service them, probably due to existing business relationships. Though few banks are willing to understand our business, we’ll continue to seek a local partner.
3. They are being dishonest with their banks about the purpose for which they opened the bank account. One example is misrepresenting their main business activity with the Commerce Registry, while actually only operating an exchange service. We know account opening routines are not perfect, and sometimes, inadvertently, banks open accounts for companies they know too little about. Some services are able to do this because they operate a small exchange, with few incoming and outgoing payments.

CoinFlux never took route 3 with any banks, because we never wanted to risk temporarily losing access to client money while the bank investigates what is actually going on. We believe in building relationships, not taking advantage of imperfect onboarding procedures. We also don’t want to hurt the industry as a whole. We’ve had days with over 2,000 bank operations. You can’t fly under the radar at our scale.

I went into some details about our situation in my previous blog post, and I’m reiterating that we are still in discussions with banks to reopen RON trading. We expect to find more open doors with banks next month, when the European Parliament is scheduled to issue legislation that will regulate digital currency exchanges and custodial wallet providers.

I want to thank our customers for trusting us with their digital currency transactions, and hope this guide will help make the transition to EUR trading easier for them. As always, if you have any questions, please reach out to Customer Support via the website (green button on lower right hand side).

Trading in EUR is now available to all CoinFlux users.

The good news is that we’ll continue to operate the exchange service using an account at a payment institution from within the European Union, exclusively in EUR. We are currently implementing the new payment gateway, and will make the new account public within two days. The new bank account will be directly connected to SEPA, and allow faster deposits and withdrawals than our current EUR account, as fast as a few hours.

Our decision is a result of a notification we received from Bancpost, our bank, where they informed us of their decision to close our accounts. One month ago, the National Bank of Romania issued a statement warning local banks about digital currency exchanges like ourselves, citing reputational risks. After the statement, banks began closing their doors to us. At the time, we were in discussions with 3 local banks about setting up long term partnerships to allow us to offer you the best services, like you’ve grown accustomed to receiving from CoinFlux. Two of the banks suddenly changed their minds, while communication speed with the third has slowed down significantly.

I know that this situation may be disruptive for you, but, realistically, this is out of our control. What we can do is to assist you with transparent, clear information, in order to make this transition as easy as possible for you.

We urge you to read the notice on our website as soon as possible in order to find out how this change will impact you, and be able to make an informed decision on how we should handle the money in your CoinFlux RON Wallet on Thursday, March 22nd, by 20:00 EET.

As of today, we are switching operations to Bancpost and will be using new bank accounts to receive deposits from clients.

Also, CEC Bank decided to end their collaboration with CoinFlux, so we will stop using their services altogether. We chose to share this information with you because we’d like our customers to understand that many banks in Romania are reluctant to work with digital currency businesses, as our industry is not yet regulated. We are now in advanced discussions with other banks and, hopefully, we’ll be able to offer multiple deposit accounts in the near future. For now, we can only hope that Bancpost will be able to handle our volume of business.

To avoid delays with deposits to your CoinFlux Wallet, or payments for Orders you have placed, please read the following Q&A:

1. Where can I find the new bank account?
The new bank account is shown on the Orders and Deposit pages on our platform and you’ll be able to copy / paste it from there.

2. What do I have to do?
As of Monday, for any Deposit or Order you’ll make through our service, you’ll have to send money to our new bank accounts (both RON and EUR).

3. I already have money deposited in my CoinFlux wallet. Will I be affected by this change?
No, your money is safe in your CoinFlux Wallet and the change won’t affect you. You’ll only have to be careful to use our new accounts next time you make a Deposit.

4. I’ve made a transfer over the weekend to your current CEC bank account. What happens to my money?
All transfers made this weekend (Saturday January 20 and Sunday January 21) will be processed as soon as they are visible on our accounts, on Monday.

5. What happens if, by mistake, I’ll send money to the old account, on Monday or later?
Our CEC bank account will be closed early in next week. If you send money to our old bank account after it has been closed, CEC Bank will decline your transfer and the money will be returned to your account after a few days. Take extra care in order to avoid unwanted delays!

To conclude, we’d like to assure you we are constantly focusing on offering you a good, reliable and trustworthy service. If you need further information, please reach us through the live chat service on our platform or via e-mail, at support@coinflux.com.

This is one of the first steps in a larger improvement process, aimed to upgrade our users’ experience, based on customers’ feedback.
We hope you are as energized by this visual refresh as we are!

P.S. Stay tuned, further upgrades are on the way.

One of our core missions here at CoinFlux is to educate people about digital currencies and about how they are changing the world around us. As part of this education drive, CoinFlux will be participating at Internet and Mobile World 2017 in Bucharest on October 4th and 5th. We will be offering several 30-minute introductory courses about digital currencies and blockchain technology. Our CEO, Vlad Nistor, will also give a keynote speech on October 5th at 10:45 on the Digital & e-Commerce Stage.

You will understand the inner workings of the most popular digital currencies, their use cases and the reasons why people are so hyped up about blockchain. Quick preview here.

Sign up and for a complementary course about digital currencies at Internet and Mobile World 2017 in Bucharest by clicking this link.

Visit us as at our stand (M17).

Join Vlad Nistor for his keynote on October 5th at 10:45 on the Digital & e-Commerce Stage.

CoinFlux is the largest digital currency exchange service in Romania, trading Bitcoin, Ether, Litecoin and Ether Classic. Over the last 18 months, we’ve exchanged over 45 million Euro worth of digital currencies in over 32,000 transactions with 4,100+ clients. Visit coinflux.com for more information.