We regret to inform you that, after working with South Dakota state regulators, our custodian (Prime Trust) can no longer service customers that reside in South Dakota. As such, Swan has been notified that all South Dakota residents must leave the Swan platform by October 13th, 2022.
As of today (Sept 14th), 2022:
- Future USD deposits on your account have been disabled (both wire and ACH)
- Recurring purchasing plans have already been paused
- If you were on a prepaid plan, we will be refunding your full prepaid fees to your bank account on file
We are extremely frustrated that we cannot continue to serve you. We will be working with Prime Trust to reopen our doors to the state. However, given we cannot change this decision today, our top priority is to ensure that you get your questions answered and ultimately can safely move your Bitcoin off of Swan.
Next Steps for customers with funds in Prime Trust’s custody:
- If you have a USD balance, we will refund it to your bank account. Stay tuned for a refund confirmation email from Prime Trust. Please make sure to confirm it.
- If you have a Bitcoin balance, please navigate to your Swan Dashboard to withdraw it. Here are instructions for how to withdraw from Swan. We always encourage you to withdraw to your own wallet, and we have written this article to help you navigate your wallet options. That said, if you are more comfortable moving to a different custodian or exchange you can also transfer your Bitcoin there.
- On Wednesday, October 5th, we will be hosting a private webinar for all South Dakota residents to cover Bitcoin withdrawals and self-custody in more detail. Invitation to come shortly.
- If you have since moved from South Dakota to a different state or country, please reply to us here and we will work with you to collect documentation and restore access to your account.
Again, we are terribly frustrated with this policy change from our custodian, but our immediate goal is to make this transition as seamless as possible for you.
If you have since moved from South Dakota to a different state or country, please contact support and we will work with you to collect documentation and restore access to your account.
If in addition to your Swan Bitcoin account, you have an active Swan force referral URL, this policy change will block access to your referral dashboard and statistics, even though you can continue to earn referral fees. Going forward you will have to contact support to receive payouts associated with your Swan force URL.
Please reply to us here with any questions you have.