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Gemini Account: Add External Wallet Address and Withdraw Crypto
Gemini Account: Add External Wallet Address and Withdraw Crypto

Learn how to move your digital assets to an external wallet address from Gemini

Rachel Nabers avatar
Written by Rachel Nabers
Updated over a week ago

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 and withdrawal request.

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.

Adding External Wallet Addresses for Approval:

  1. Adds the address to your account by visiting: https://exchange.gemini.com/settings/approvedAddresses

  2. You can reach out directly to Gemini at [email protected] to request that the address be approved.

  3. Gemini will request a verification photo with a unique code (see examples below but the code will be unique each time)

  4. Once uploaded, Gemini will approve the pending address so that it can be used for future withdrawals.

    1. This process can also be done as part of a withdrawal request and does not need to be done separately.

Withdrawing Crypto from Gemini:

  1. Contact Gemini at [email protected] to initiate withdrawals and cc [email protected] on your request.

  2. Gemini will request a verification photo with a unique code (see example below, but the code will be unique each time)

  3. Once you provide the requested photo, Gemini will temporarily lift the restriction on withdrawals from your account for a limited time window

  4. Once the timeframe has passed, Gemini will inform you withdrawals are disabled

    • If you can't withdraw during the specific time frame and need an extension, Gemini will require you provide a new selfie be provided before lifting the ban again for another limited time frame.
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Gemini Selfie Example

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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