Dear valued SnapEx users,
To ensure a smooth and efficient process that is fair and transparent for all our users, we have recently updated our withdrawal process policy:
For withdrawals below 2,000 USDT:
Processing time for withdrawals will not exceed 3 hours for Monday to Friday.
For withdrawals above 2,000 USDT:
Processing time for withdrawals will not exceed 3 hours during working hours (9am - 5pm, GMT +8) for Monday to Friday.
For withdrawals after working hours (after 5pm, GMT +8), the withdrawal request will be processed during the next business day.
For all withdrawal requests made during weekends:
The withdrawal will be processed on the following Monday.
Please note that while a withdrawal request of 2,000 USDT or above is being processed, no additional withdrawals (of any amount) can be made until the prior withdrawal request has been completed.
This latest policy update on withdrawal requests and processing time are due to the multi-signature nature of the SnapEx wallet.
SnapEx stores user funds in a proprietary multi-signature digital currency cold wallet, called the SnapWallet. The one-of-a-kind wallet builds transactions and signatures at its cold-end, while broadcast transactions at its hot-end. All data in SnapWallet are stored locally, encrypted, and never connects to the internet.
SnapWallet supports multi-signature transactions where it generates a unique cold wallet address through the public key of three separate wallets. In order to successfully perform transactions, SnapWallet requires at least two out of three devices to complete the signature simultaneously.
Due to the multi-signature function of SnapWallet, immediate transfers in and out of user accounts are not possible. This is to ensure the highest integrity and security for all user funds.
We place great emphasis on prioritising your needs. All SnapEx policy updates are made with the goal of maximising our efficiency and security of user fund management.
We appreciate your understanding in this latest policy update.
1st November 2019