DISCLAIMER:

Withdrawals of 401k or IRA-owned crypto to an external wallet remain technically possible, but we highly discourage them for security and compliance reasons.

Compliance Risk:

In November 2021, the IRS brought a tax court case relating to self custody of gold agains Donna McNulty. The IRA account holder was found to have improperly stored the metals in her custody without proper precautions for holding retirement account-owned assets. The IRS rules her $400,000 of metals were to be considered taxably distributed (and taxes owed on that distribution). Applying the same concepts to crypto could result in your paying a lot of taxes if the digital assets are improperly transferred or stored. If there are not certain limitations and guardrails applied to crypto withdrawals inside a retirement plan, the IRS could consider those digital assets taxably distributed. If you withdraw to a crypto wallet, you do so at your own risk of IRS taxation.

Security Risk:

If you make a mistake and enter the wrong external wallet address, you could lose your crypto. Crypto is similar to cash in that once you transfer it out, there is no recourse to get it back if you made a mistake and send it to the wrong place. If you withdraw to a crypto wallet, you do so at your own risk of total loss.


Please carefully follow instructions below. You must follow the protocol outlined below to submit an external wallet address for approval via the Gemini platform. Nabers Group works in conjunction to approve your external wallet addresses with the Gemini team.

If you (accidentally or on purpose) commit a prohibited transaction by sending IRA/401k-owned crypto to a non-qualified account, you alone are responsible for any taxable implications therein. Confirming external wallet addresses are correct is your responsibility.

Gemini & Nabers Group are not responsible for any errors/misspellings in wallet addresses you provide. When removing assets from the Gemini platform, you proceed solely at your own risk. Nabers Group and Gemini do not provide tax, legal or investment advice.

The Gemini security teams has approved the following process to get these deposit addresses approved on your account:

  1. Add the pending deposit address to the approved address list at: https://exchange.gemini.com/settings/approvedAddresses (you must be logged in first)

  2. After you've added all the deposit addresses, go to http://exchange.gemini.com/upload to upload a verification photo of yourself.

    1. The verification photo must be a single photo that includes 1) your face, 2) your ID and a 3) handwritten note. The handwritten note should have the current date and the word "Approve".

  3. Email confirmation to [email protected] and cc [email protected] once the photo has been uploaded/approved so Gemini can review and approve the pending deposit addresses.

Note: Nabers Group does not help you locate your external wallet address listing. Nabers Group will not confirm your external wallet address is correct. Removing assets from the means you are proceeding solely at your own risk, including any potential prohibited transactions that may occur as a result of the transaction.

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