The Importance of Keeping it Real: Why Using Your Real Name Is Essential With Crypto Transfers

Apr 12, 2023
4 min

In Blackcatcard's fintech ecosystem, sending and receiving cryptocurrencies is as easy as transferring fiat currency. And, just as with transferring regular money, there are some requirements you have to follow to make the process as smooth as possible. One of them is to write the real names of persons sending and receiving money. But why does it matter? Let us explain.

What do you need to know about the receiving party to transfer crypto?

It is essential to know the address of recipient's wallet. This is a sort of ID number – a long combination of letters and numbers that changes depending on the type of crypto assets being transferred and the protocol used. This address is usually between 25 to 34 characters long! A bit complicated to remember, isn't it? Well, to make life easier for users, crypto wallet developers, such as Manerio UAB*, crypto service provider partner in our Blackcatcard ecosystem, offers you some simpler options. You can copy the address directly from the app, and then send it via message or email. This way it is enough to copy and paste to avoid mistakes.

Apart from this, people transferring cryptocurrencies must correctly write the full name of both the sender and the recipient. And here people tend to get creative. Many may not consider this requirement important or do not pay attention when entering the name of the sender or the recipient. Or they may think that by entering false information they can avoid the control of the regulatory authorities. However, making this mistake can have much worse consequences, such as attracting more attention from Anti-Money Laundering (AML) authorities.

What could happen if a spelling mistake is made?

If a user, when sending or receiving cryptocurrencies, enters a name that does not correspond to a real name, the payment may be directed to additional AML verification, which may take a long time. And even the most responsive help desk will not be able to expedite this procedure, as it is regulated by law, by the AML directive and related requirements of the regulator.

How does it work with Blackcatcard?

When you make transfers between users of our Blackcatcard ecosystem, the process is even simpler. You have nothing to worry about, because in our app we know the identity of the sender and the recipient, as these users must be verified in order to use the crypto service, provided by our partner Manerio UAB*.

On the other hand, when you receive funds from third-party crypto wallet, verifying the identity of the sender is technically impossible for us. Blackcatcard ecosystem strictly complies with the requirements and the most recent resolutions on cryptocurrencies in the EU, particularly regarding the origin of these assets. If someone sends you a cryptocurrency from third-party wallet, you will see that the pending transactions to receive will be in your payment history. When you select a transaction a window will appear in which you must indicate the real name of the sender and confirm receipt.

For users of Android devices we made this process even more convenient. Now, when crypto assets are sent to Android users, a notification will appear at the top of the screen in the form of a yellow bar, which asks to confirm the transaction. Clicking on it will open a window in which the sender's name and surname must be entered. If the data is correct, our clients will only have to click the green "Accept" button, and the funds will be credited to the crypto wallet. The same update for apps on iPhones is on the way – we will announce it shortly.

But no matter the device, Blackcatcard users can enjoy the crypto service of our partner Manerio UAB* in a simple way – and in full compliance with EU regulations.

*An integrated crypto exchange and custodial crypto wallets are provided by our partner Manerio UAB. You can find more information here.


Do I have to write the real names of the recipient and sender of crypto?

Yes, otherwise your transfers can be redirected to additional AML verification, which may take a long time.

If I use the wrong name of the sender or recipient - will my transfer be anonymous?

No, it will just create extra complications, and your transfer will take longer to process.

Can I receive crypto transfers if I use an iPhone?

Of course you can! For Android devices, we have just made the process of confirming crypto transfers a little more convenient. We’ll do the same for the iOS app in the near future.

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