Monday, May 29, 2023

temporary limit

by Hideo Nakamura
temporary limit

Temporary Limit is a risk management feature used by cryptocurrency exchanges and wallets to protect against fraud, theft, and money laundering. The temporary limit allows the exchange or wallet provider to place restrictions on how much cryptocurrency can be sent from an account within a certain period of time. By limiting the amount that can be sent in any given transaction, this feature helps ensure that malicious actors are not able to move large sums of funds all at once without detection or authorization.

The implementation of temporary limits varies between providers, but typically these limits are implemented for security reasons and also as part of their anti-money laundering (AML) compliance efforts. Depending on the exchange or wallet’s terms & conditions, some accounts may have higher daily transaction limits than others based on factors such as verification status or account history with the service provider. For additional security measures, many exchanges will require users to verify their identity before temporarily raising their withdrawal limit if needed.

Overall, Temporary Limits provide an extra layer of protection against fraudulent activities and help create trust among customers while allowing them to securely manage their crypto assets with confidence.

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