Email from CoinSpot
There has been unprecedented demand for digital currencies in Australia this year and that has continued to accelerate during the last few months. To continue our safe, stable and secure operations CoinSpot is making some changes to its AUD deposit options.
1. Effective today, customers will not be able to make instant AUD deposits (POLi) between 6pm AEST Fridays and Midnight on Sundays.
2. Effective Monday December 4, daily AUD deposit limits are being reduced for all customers to $5,000 per weekday. The weekday limit for new customers will drop down to $1,000 during their first week.
Why is CoinSpot doing this?
CoinSpot ensures that all customer coins and tokens are held within CoinSpot accounts and wallets at all times. Given the recent accelerated growth, and limitations placed on digital currencies by many Australian banks, it has become increasingly difficult to accept AUD deposits during periods when banks cannot settle.
Despite these changes potentially restraining CoinSpot’s growth, our customers put their trust in us and we do not take that responsibility lightly. These limits on AUD deposits will allow us to ensure that we can continue to deliver on this promise.
Can I still buy and sell on weekends?
Yes. The changes only effect AUD deposit limits and availability of this service on weekends. Customers can still choose to deposit AUD to their CoinSpot account or hold an AUD balance to make purchases on weekends.
Are AUD withdrawals affected?
No, there is no change to our AUD withdrawal process.
Does this change affect other deposit types?
No, this only effects POLi deposits.
Is this change temporary?
We hope so. There are several changes expected in the new year such as, regulation of digital currency exchanges, new payment processing timeframes from Australian banks, and hopefully continuing adoption and acceptance of digital currencies and block chain technology. We will monitor these developments and aim to deliver you the best customer experience we can, while using CoinSpot.