Independent Reserve

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Table of Contents

Company

Founded in 2013 by Adam Tepper and Adrian Przelozny, Independent Reserve’s vision was to build Australia’s most secure and trusted way to buy Bitcoin and other cryptocurrencies.

Awards

Key metrics

  • Over 250,000 customers [Jun 2022]
  • 60+ staff [Jun 2022]
  • more than $1 billion dollars worth of assets under custody [Jun 2022]

Presence in Singapore

  • Entity: Independent Reserve SG PTE. LTD (UEN 201942383Z)

  • Location: #17-00, 16 Collyer Quay, Singapore 049318

Regulation by Monetary Authority of Singapore (MAS)

  • Major Payment Institution Licence No. PS20200517
    • Provision of Domestic Money Transfer
    • Cross-border Money Transfer
    • Account Issuance
    • Digital Payment Token services

Travel Rule: External crypto addresses must be verified

Due to the Payment Services Act (PSA) licensing requirements from MAS, Independent Reserve must observe the Travel Rule and verify any external crypto address that customers make a withdrawal to or receive a deposit from to ensure that they have full control of the address.

If transferring to a personal wallet or a platform that does not support IVMS 101, this Independent Reserve blog article discusses how to verify the addresses.

Ecosystem

Trading platforms

βœ”οΈ Unique Selling Proposition (USP)

Licensed by Monetary Authority of Singapore (MAS)

[3 Aug 2021] The Monetary Authority of Singapore (MAS) has granted an β€œin-principle approval” under the Payment Services Act to cryptocurrency exchange Independent Reserve, allowing it to operate as a regulated provider for digital payment token services.

It is one of the first virtual asset service providers to obtain an in-principle approval letter for a Major Payment Institution Licence in Singapore, according to a statement from the company.

“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing approval is a reflection of the robustness of the policies, procedures and risk management systems that we have put in place to guide our day-to-day operations,” Independent Reserve’s chief executive Adrian Przelozny said in the statement. “It provides certainty for us as industry participants and security for our customers."

Usage Notes

FAST support with low fiat deposit and withdrawal fees

A more seamless way to deposit and withdraw funds

Independent Reserve supports the FAST network to execute fund deposits and withdrawals in minutes.

Deposits:

  • Free and instant deposits when you deposit S$1,000 and above.
  • daily deposit limit of $50,000. Clients can message Support to increase their daily limit.

Withdrawals:

  • flat fee of S$1.50 for each SGD withdrawal via FAST.
  • daily withdrawal limit is S$100,000.

Learn how to deposit SGD via FAST transfer. View all fees.