Are my funds safe?
Yes. The custodian of Swan client assets has changed. All funds are being transferred to our qualified custodians, Fortress Trust, and BitGo Trust Company.
This is a major platform upgrade. We expect service disruptions. Service status:
✅ You can activate your Fortress Trust qualified custodian account
✅ Self-service Bitcoin withdrawals
🔲 Instant buys
🔲 Automated savings plans
🔲 Automated withdrawals
Self-service Bitcoin withdrawals
The next time you log in to your Swan account, you’ll be invited to activate your new Fortress Trust custodial account.
Once you have activated our new custodian, you’ll be able to initiate withdrawals.
- Please note you will no longer need to approve your withdrawals via email.
- Please allow up to one business day for withdrawals to complete.
- Auto-withdrawal functionality will be restored soon
Why did Swan change custodians?
Earlier this year Swan began working to dramatically accelerate redundancy and independence across compliance, settlement, and custody. Here’s the relevant section from our January 19, 2023 post “Bitcoiners, It’s Winning Time”:
Platform Sovereignty and Optionality — With plenty of cash in the bank and a couple of centuries of experience across our leadership team, we’re dramatically accelerating our plans for increased redundancy and independence across compliance, settlement, and custody. We are actively working on MTLs, filing for the New York BitLicense, and determining appropriate regulatory paths in jurisdictions around the world. We are investing heavily in technology and partnerships to soon have options and redundancy across custody, liquidity, fiat payment providers, security, and hardware wallet support. This optionality will also enable support for new account types and scenarios for families, minors, tax-advantaged accounts, and integrations.
Starting May 26th, 2023, all Swan client assets were transferred to our new qualified custodians, BitGo Trust Company and Fortress Trust. We carefully weighed the pros and cons of moving at once vs. more gradually, coming to the conclusion that moving at once will create the least amount of disruption for Swan clients.
Why do I see a balance at PT and a balance in Fortress? I thought funds were at Fortress?
Because the migration is not 100% complete, we decided to be conservative and include a Prime Trust “snapshot” of what your balance was at the time of migration. Once the migration is finished we plan to remove this redundancy on your dashbaord.
Buying
If you are able to send a Wire Transfer, we can convert it to Bitcoin once it lands for you. Please let me know if you have any questions on that process.
In addition, we are on track to re-enable purchasing via the Dashboard this week (June 5)! We’ll be sending you an email once live.
Selling
We can do a concierge Bitcoin sell for you today. Please just let us know how much you’d like to sell and I will get that done for you. Please know that sells are a 0.99% fee and do create a taxable event.
Note: Due to high volume of tickets in support, please know that sells can take up to 48 hours to process.
Where is my USD balance?
The migration of your USD balance is still in progress. We anticipate that the migration will be finished by June 11th.
What is happening with my Swan IRA?
Custody of your Swan IRA will also be transferred during this upgrade process. There will be no tax implications due to this move.
Can new users create a new Swan account right now?
Yes, new users can create a Swan account at swan.com/signup. Please note approval times may be slightly delayed.
Will I still be able to see my entire Swan account history after the upgrade?
Yes, after the upgrade, you will be able to see your entire history of deposits, purchases, sales, withdrawals, and fees that has always been available in your Swan account, including the option to export your history to CSV.
Do I need to change my direct deposit information?
Yes. Due to the custodian change, direct deposits need to be pointed to our new banking partner. To do this, first, log into Swan and click the new terms to set up your new Fortress account. Once it is finalized, click into your Fortress Account and go to Funding -> Direct Deposit. You will only need to do this one time.
What happened to my direct deposit that was sent during migration?
Direct deposits sent during the We are in the process of ledgering deposits into accounts and will have that done soon.
Will I have new wiring instructions and need new direct deposit connections?
Yes, since we are working with new banks, you will have new wire transfer instructions and will have to recreate direct deposit connections. You will be able to do this from your account.
So what happens if a customer just doesn’t see the notice before Wednesday?
Prime Trust accounts will be terminated but assets can still be withdrawn at any time. Users wishing to have an active Swan account will need to log in to their Swan account to review and accept Fortress terms and conditions to move forward with their Fortress custodial account. Those that were unable to opt out by Wednesday can still choose to avoid onboarding with a Fortress custodial account and withdraw their assets
When will I see my Swan Force data?
We will enable Swan Force in your Swan dashboard as soon as possible. Note that purchasing, savings plans, and IRAs are prioritized over Swan Force data.
Where should I look for further updates?
Watch your email inbox, and we will continue updating this FAQ page with answers to your questions. You’ll find the latest updates about the platform on our status page. To avoid phishing attempts, be cautious while opening emails or clicking on links from unknown sources. Double-check the sender’s email address and look for any suspicious signs like spelling errors. Additionally, enable two-factor authentication and install reliable antivirus software to enhance your online security.
When will Swan support Texas?
We're working to bring Swan services to Texas and plan to return by July or August. Stay tuned for an email announcement!
When will Swan support New York?
We're working on bringing Swan services to New York and expect to be back within the next 3-6 months. Keep an eye out for an email announcement!
What if I have a question not listed on this FAQ page?
Please contact Client Services. You can expect a reply within 24 business hours.