How to transfer AVAX from venmo

To transfer AVAX from Venmo, here are the detailed steps: The most crucial point to understand is that you cannot directly transfer AVAX or any cryptocurrency out of Venmo to an external wallet or exchange. Venmo’s cryptocurrency features are designed for in-app buying, selling, and holding only. They do not support withdrawals to external blockchain addresses. This means if your goal is to move AVAX off Venmo for broader utility, you’ll need to sell your AVAX within the Venmo app, withdraw the USD funds to your linked bank account, and then use a reputable, Shariah-compliant cryptocurrency exchange to purchase AVAX and transfer it to your preferred halal wallet.

Understanding Venmo’s Cryptocurrency Limitations and Ethical Considerations

Venmo’s foray into cryptocurrency, while convenient for some, operates within a closed ecosystem.

It’s essential to understand that this platform does not function as a full-fledged crypto exchange where you have complete control over your digital assets, such as the ability to transfer them to personal, non-custodial wallets.

From an Islamic finance perspective, this limited functionality raises certain concerns.

True ownership and control over one’s assets are paramount.

Relying on platforms that restrict your ability to manage your digital wealth freely might be seen as less aligned with the principles of self-reliance and complete possession encouraged in Islamic financial dealings.

Furthermore, the underlying nature of some cryptocurrencies themselves and the speculative elements often associated with them, including interest-bearing protocols or those involved in activities not permissible in Islam, warrant careful consideration.

It is always advised to ensure any crypto assets you hold, and the platforms you use, align with ethical and Shariah-compliant investment principles.

Why Direct AVAX Transfer from Venmo Isn’t Possible

Venmo’s cryptocurrency service is designed for simplicity, not comprehensive blockchain interaction.

They act as a custodian, meaning they hold the actual crypto on your behalf, and you’re essentially buying a beneficial interest rather than direct ownership with withdrawal rights.

This model is common among user-friendly apps that prioritize ease of use over advanced crypto functionalities. How to convert AVAX to naira on bybit

According to Venmo’s own terms and conditions, their cryptocurrency feature explicitly states that users cannot send crypto to or receive crypto from other wallets outside the Venmo platform.

This is a significant distinction from dedicated crypto exchanges like Coinbase Pro or Kraken, which are built for seamless asset transfers.

The Custodial Model: Implications for Ownership

In a custodial model, a third party holds your assets. While convenient, it means you don’t possess the private keys to your cryptocurrency. “Not your keys, not your coin” is a well-known adage in the crypto space, emphasizing that true ownership and control come with holding your own private keys in a non-custodial wallet. From an Islamic perspective, the concept of Qabdh possession is crucial. While beneficial ownership might be recognized, the lack of physical or direct control over the asset via private keys can introduce elements of ambiguity. For a Muslim investor, opting for non-custodial wallets where you control your private keys offers greater security and aligns more closely with the principle of full possession. Data from a 2023 survey by Statista indicates that while centralized exchanges like Venmo’s crypto partner, Paxos remain popular for initial purchases, there’s a growing trend towards self-custody, with approximately 20% of crypto holders worldwide now using hardware wallets for enhanced security and control.

Ethical Alternatives for Acquiring and Managing AVAX

Given Venmo’s limitations, the ethical and practical approach for managing AVAX involves using platforms that allow for direct withdrawal to a personal, non-custodial wallet.

This ensures greater control over your assets and allows you to participate in the broader Avalanche ecosystem, including staking, DeFi, or dApps, in a manner that aligns with responsible financial practices.

When choosing platforms, prioritize those known for their security, transparency, and adherence to regulatory standards.

Furthermore, research the specific crypto assets you intend to hold to ensure they are not primarily used for speculative gambling or interest-based lending, which would be impermissible.

Look for projects with clear utility and real-world applications.

Navigating the Process: Selling AVAX on Venmo and Withdrawing Funds

Since direct transfer is not an option, the practical way to move your value from Venmo’s AVAX holdings to an external, self-custodied AVAX address is through a two-step process: selling on Venmo, then repurchasing elsewhere.

This process, while involving an extra step, is the only way to gain control over your AVAX outside of Venmo’s walled garden. How to convert AVAX to usdt on remitano

Step-by-Step Guide to Selling AVAX on Venmo

1. Open the Venmo App: Launch the application on your mobile device.
2. Navigate to the Crypto Section: From the main screen, look for the “Crypto” tab or icon, usually found in the bottom navigation bar or within the “You” tab.
3. Select AVAX: Find Avalanche AVAX in your list of held cryptocurrencies.
4. Initiate Sale: Tap on AVAX and select the “Sell” option. You will be prompted to enter the amount you wish to sell, either a specific AVAX quantity or a USD equivalent.
5. Review and Confirm: Venmo will display the current exchange rate and any associated fees. Review these details carefully. Venmo’s crypto transaction fees typically range from 0.50% to 2.3% depending on the transaction size, as of early 2024. For example, selling $100 worth of AVAX might incur a fee of $2.30.
6. Complete Sale: Confirm the transaction. The USD proceeds will be added to your Venmo balance.

Withdrawing USD from Venmo to Your Bank Account

Once your AVAX is sold and converted to USD within your Venmo balance, you can transfer these funds to your linked bank account.

1. Access Your Venmo Balance: From the main Venmo screen, tap on your balance usually displayed at the top.
2. Select “Transfer”: Choose the option to “Transfer to Bank” or “Withdraw.”
3. Choose Transfer Speed: You’ll typically have two options:
   • Standard Transfer: This is usually free and takes 1-3 business days to reach your bank account.
   • Instant Transfer: This comes with a small fee often 1.75% as of early 2024, with a minimum fee of $0.25 and a maximum of $25 but the funds arrive in minutes. For instance, transferring $500 instantly would cost $8.75.
4. Select Destination Bank: Choose the linked bank account where you want to send the funds.
5. Confirm Transfer: Review the details and confirm the withdrawal.

Important Considerations: Fees and Timing

Be mindful of the fees involved at each step.

Venmo charges fees for buying and selling crypto, and potentially for instant bank transfers.

These small fees can accumulate, especially for frequent transactions.

Standard bank transfers typically take 1-3 business days, so plan accordingly if you need the funds quickly.

The cryptocurrency market is volatile, and price fluctuations between the time you sell on Venmo and repurchase elsewhere could impact your overall holdings.

For instance, if AVAX price increases significantly during the 1-3 day bank transfer period, you might end up buying less AVAX with the same amount of USD.

Acquiring AVAX Ethically: Repurchasing on Shariah-Compliant Platforms

Once you have your USD funds in your bank account, the next step is to use a reputable, Shariah-compliant cryptocurrency exchange to repurchase AVAX.

This ensures you acquire your digital assets in a manner that aligns with Islamic financial principles and allows for true ownership and control through withdrawal to a non-custodial wallet.

Choosing a Reputable, Halal-Friendly Exchange

When selecting an exchange, several factors are critical, especially from an Islamic perspective: How to convert AVAX to usdt on stake

• Regulatory Compliance: Choose exchanges that are regulated in their operating jurisdictions. This indicates a higher level of scrutiny and consumer protection.
• Security Features: Look for exchanges with robust security measures, including two-factor authentication 2FA, cold storage for majority of funds, and insurance against hacks though not all exchanges offer this.
• Transparent Fee Structure: Ensure you understand all trading, deposit, and withdrawal fees.
• Withdrawal Capabilities: Crucially, confirm that the exchange allows direct withdrawals of AVAX to external Avalanche network addresses.
• Shariah-Compliance Focus or absence of haram activities: While no major global exchange is “Shariah-certified” across all its offerings, you can choose platforms that:
  • Do not primarily facilitate interest-based lending/borrowing or derivatives for retail users.
  • Offer clear asset identification, allowing you to choose permissible cryptocurrencies.
  • Have a reputation for ethical operations and customer service.
  • Consider exchanges that are transparent about their operations and have a strong track record. Examples often cited by ethical investors include well-established platforms with a focus on spot trading rather than speculative leverage or interest-bearing products.

Step-by-Step: Purchasing AVAX and Withdrawing to a Non-Custodial Wallet

1. Fund Your Exchange Account:
   • Link your bank account to the chosen exchange.
   • Initiate a fiat deposit USD from your bank account to the exchange. This usually takes 1-3 business days for ACH transfers or minutes for wire transfers which may have higher fees.
2. Purchase AVAX:
   • Once your USD funds are available on the exchange, navigate to the “Trade” or “Buy Crypto” section.
   • Search for “AVAX/USD” or “AVAX/USDT” trading pair if you convert USD to USDT first.
   • Enter the amount of AVAX you wish to buy or the USD amount you want to spend.
   • Execute the purchase order. Be aware of the exchange’s trading fees, which often range from 0.1% to 0.5% per trade. For example, buying $1,000 worth of AVAX at a 0.25% fee would cost $2.50.
3. Withdraw AVAX to Your Non-Custodial Wallet:
   • After purchasing, go to your exchange wallet or portfolio.
   • Select AVAX and choose the “Withdraw” option.
   • Crucial Step: Enter your Avalanche C-chain wallet address. Double-check this address carefully. A single incorrect character can lead to permanent loss of funds.
   • Specify the amount of AVAX to withdraw. Be mindful of the withdrawal fees, which vary by exchange but are typically a small fixed amount of AVAX e.g., 0.01 AVAX.
   • Confirm the transaction, often requiring 2FA. The withdrawal typically processes within minutes, depending on network congestion.

Setting Up a Secure, Non-Custodial AVAX Wallet

Before purchasing AVAX, you need a suitable wallet.

For Avalanche AVAX, common non-custodial options include:

• MetaMask: A popular browser extension wallet. You’ll need to add the Avalanche C-chain network to MetaMask.
• Core Wallet formerly Avalanche Wallet: The official wallet by Ava Labs, offering a comprehensive experience for the Avalanche ecosystem.
• Hardware Wallets e.g., Ledger, Trezor: For the highest level of security, a hardware wallet stores your private keys offline, protecting them from online threats. These are highly recommended for larger holdings.
  When setting up any non-custodial wallet, securely back up your seed phrase recovery phrase. This phrase is the master key to your funds. Losing it means losing access to your crypto. if someone else gains access to it, they can steal your funds. Write it down offline and store it in multiple secure locations.

The Islamic Perspective on Cryptocurrency and Digital Assets

From an Islamic finance standpoint, dealing with cryptocurrencies requires careful consideration to ensure compliance with Shariah principles.

While the technology itself is neutral, its application and the characteristics of specific cryptocurrencies can lead to permissibility or impermissibility.

The core tenets revolve around avoiding Riba interest, Gharar excessive uncertainty/speculation, Maysir gambling, and investing in assets linked to impermissible activities.

Halal vs. Haram in Crypto: Key Principles

1. Tangibility and Value Mal: Islamic finance requires assets to have intrinsic value or be a representation of real value. Cryptocurrencies, as digital representations, are generally considered permissible if they have a clear utility and are not merely speculative schemes without underlying purpose. Scholars generally agree that crypto can be considered “Mal” asset/wealth if it has a market value, is widely accepted, and offers a benefit.
2. Gharar Excessive Uncertainty and Maysir Gambling: These are critical. Highly volatile, speculative cryptocurrencies with no clear use case, or those promoted as “get rich quick” schemes, might fall under Gharar or Maysir. Similarly, trading with excessive leverage or engaging in short-selling, which often involves extreme speculation, can be problematic. A Muslim investor should aim for projects with fundamental value, clear whitepapers, and a genuine problem they solve, rather than just market hype. Data from a 2023 report by Chainalysis showed that only about 1.5% of crypto transactions are linked to illicit activities, indicating that the vast majority of crypto usage is for legitimate purposes, but the speculative element remains a concern.
3. Riba Interest: Any cryptocurrency that involves interest-bearing protocols e.g., lending/borrowing platforms that charge or pay interest is impermissible. This includes many DeFi protocols. Staking mechanisms need to be reviewed: if the reward is genuinely for contributing to network security like a service fee for validation, it might be permissible. If it functions as a loan with a guaranteed return, it resembles Riba.
4. Underlying Activity Halal Purpose: The purpose for which a cryptocurrency is used or the project it supports must be permissible. For instance, a token used to fund gambling platforms, adult content, or interest-based lending would be impermissible.
5. Qabdh Possession: As discussed, controlling your private keys through non-custodial wallets aligns best with the concept of possession in Islamic finance. Custodial solutions, while convenient, should be viewed with caution regarding full control.

Due Diligence for a Muslim Investor

Before investing in any cryptocurrency, a Muslim investor should conduct thorough due diligence:

• Research the Whitepaper: Understand the project’s purpose, technology, and economic model.
• Analyze Use Case: Does the crypto solve a real problem? Is it primarily for speculation or does it have practical utility?
• Scrutinize Tokenomics: How are tokens distributed? Are they pre-mined? Is there excessive concentration of ownership?
• Community and Development: Is there an active development team and a healthy community?
• Avoid Ponzi Schemes/Scams: Be wary of projects promising unrealistic returns, which are often scams.
• Seek Knowledgeable Guidance: Consult with Islamic scholars or finance professionals who specialize in Shariah-compliant digital assets.

The Broader Landscape of Cryptocurrency Custody and Control

Beyond Venmo, understanding the various forms of cryptocurrency custody is paramount for anyone serious about managing their digital assets, especially from a security and Shariah-compliant perspective.

The choice between custodial and non-custodial solutions directly impacts your control over your funds.

Custodial vs. Non-Custodial Wallets Explained

• Custodial Wallets: These are wallets where a third party like an exchange, broker, or service provider holds your private keys on your behalf. Venmo’s crypto feature falls into this category.
  • Pros: User-friendly, convenient for beginners, recovery options if you lose your password.
  • Cons: You don’t truly own your crypto not your keys, not your coin, risk of exchange hacks, regulatory uncertainty, potential for censorship or asset freezing, less aligned with the principle of full “Qabdh” possession in Islamic finance.
  • Examples: Venmo, PayPal, Coinbase default settings, most centralized exchanges where you don’t withdraw immediately.
• Non-Custodial Wallets: These are wallets where you, and only you, hold your private keys. You are solely responsible for the security of your funds.
  • Pros: True ownership and control over your assets, higher security if managed correctly, freedom to interact with DeFi, dApps, and other blockchain protocols. This aligns better with Islamic finance principles of full possession.
  • Cons: Higher responsibility if you lose your seed phrase, your funds are gone forever, steeper learning curve, no customer support to recover funds.
  • Examples: MetaMask, Trust Wallet, Exodus, Ledger, Trezor.

Why Self-Custody is Generally Preferred for True Ownership

For long-term holders, significant amounts, or anyone prioritizing maximum security and control, self-custody via a non-custodial wallet especially a hardware wallet is overwhelmingly recommended. This is because:

• Mitigates Exchange Risk: Exchanges can be hacked, go bankrupt, or freeze accounts. By holding your own keys, you remove this single point of failure. History is rife with examples, such as the Mt. Gox hack 2014, ~850,000 BTC lost or the FTX collapse 2022, billions in customer funds frozen/lost. These incidents underscore the danger of keeping funds on custodial platforms.
• Ensures Full Control Qabdh: In Islamic finance, the concept of Qabdh possession or control is vital for valid transactions and ownership. Holding your private keys gives you undisputed control over your assets, aligning better with this principle.
• Access to the Full Ecosystem: With a non-custodial wallet, you can freely interact with the broader Avalanche ecosystem, participate in staking after Shariah review of the specific mechanism, engage with dApps, and manage your tokens without needing an intermediary’s permission.

Best Practices for Secure Self-Custody

1. Hardware Wallets: Invest in a reputable hardware wallet e.g., Ledger, Trezor for cold storage. This keeps your private keys offline, making them immune to online hacks.
2. Seed Phrase Security: Your 12 or 24-word seed phrase is paramount. Write it down on paper not digitally and store it in multiple secure, discreet locations that are impervious to fire, water, or theft. Never share it with anyone.
3. Use Strong Passwords and 2FA: For any online accounts or software wallets, use unique, complex passwords and always enable two-factor authentication 2FA via an authenticator app like Authy or Google Authenticator, not SMS.
4. Beware of Phishing: Be extremely vigilant against phishing attempts. Always verify URLs, and never click suspicious links. Legitimate crypto services will never ask for your seed phrase.
5. Regular Updates: Keep your wallet software and hardware firmware updated to the latest versions.
6. Small Test Transactions: When sending large amounts of crypto, always perform a small test transaction first to ensure the address is correct and the process works as expected.

The Future of Payments: Venmo, Crypto, and Islamic Finance

The integration of cryptocurrency into mainstream payment platforms like Venmo reflects a broader trend toward digital assets. How to convert AVAX to usdt on revolut

While convenient for peer-to-peer transactions and casual investing, the current limitations of platforms like Venmo highlight a fundamental philosophical difference between easy-to-use custodial services and the core ethos of decentralized, self-custodied cryptocurrency.

For a Muslim professional navigating this space, understanding these nuances is critical to making informed choices that align with both technological advancement and Shariah principles.

The Evolution of Digital Payments

Digital payment platforms like Venmo and PayPal have revolutionized how individuals send and receive money, moving billions of dollars daily.

Venmo, for example, processed over $270 billion in total payment volume in 2022. Their move into crypto represents a natural progression towards offering diverse financial services.

However, this integration often sacrifices the core benefits of decentralization—true ownership and permissionless transactions—for the sake of user familiarity and simplicity.

The current model offers ‘crypto-lite’ features rather than full blockchain utility.

Bridging the Gap: Centralized Convenience vs. Decentralized Control

There’s a constant tension between the ease of use offered by centralized platforms and the sovereignty provided by decentralized technology.

For many users, the ability to quickly buy and sell crypto within an app they already use is appealing.

For example, a 2023 survey by Bank of America found that 75% of respondents who own crypto purchased it via a centralized exchange or brokerage.

However, this convenience comes at the cost of giving up control over private keys and the ability to truly interact with the underlying blockchain. How to convert AVAX to sgd

Future developments might see these platforms gradually offer more advanced features like direct withdrawals or deeper integration with self-custody solutions, but for now, the ‘walled garden’ approach persists.

Islamic Finance and the Digital Frontier

Islamic finance emphasizes real economic activity, ethical transactions, and the avoidance of interest and excessive speculation.

As digital assets evolve, these principles continue to be applied.

• Embracing Innovation with Caution: Islamic scholars and financial institutions are actively researching and developing frameworks for dealing with cryptocurrencies. While the technology is seen as potentially beneficial for promoting financial inclusion, transparency, and efficient transactions, careful scrutiny is applied to ensure compliance.
• Focus on Utility and Real Assets: The emphasis remains on cryptocurrencies that have genuine utility, support real-world projects, or represent tangible assets, rather than purely speculative tokens. Shariah-compliant stablecoins, for instance, which are backed by real assets like gold or fiat currency in a segregated, interest-free account, are increasingly gaining traction.
• Responsible Investment: Muslim investors are encouraged to approach cryptocurrency with a long-term, value-driven perspective, avoiding the allure of rapid, high-risk gains that often accompany speculative bubbles. This aligns with the wisdom found in Islamic teachings that encourages patience, diligence, and avoiding activities that could lead to financial ruin or unjust enrichment.
• Exploring Halal Crypto Ecosystems: The emerging field of Islamic DeFi Decentralized Finance aims to build Shariah-compliant financial services on blockchain, offering alternatives to conventional interest-based lending, insurance Takaful, and asset management. These are still in nascent stages but represent a promising direction for Muslims seeking fully compliant digital financial solutions.

In conclusion, while Venmo offers a convenient entry point to cryptocurrency, its limitations necessitate a multi-step process for anyone looking to truly control their AVAX assets.

For Muslim professionals, this journey underscores the importance of ethical diligence, prioritizing self-custody, and engaging with the digital asset space in a manner that upholds the principles of Islamic finance.

Frequently Asked Questions

How do I sell AVAX on Venmo?

To sell AVAX on Venmo, open the Venmo app, navigate to the “Crypto” section, select Avalanche AVAX, choose the “Sell” option, enter the desired amount, review the fees and exchange rate, and confirm the transaction.

The USD proceeds will be added to your Venmo balance.

Can I send AVAX directly from Venmo to my MetaMask wallet?

No, you cannot send AVAX directly from Venmo to your MetaMask wallet or any other external cryptocurrency wallet.

Venmo’s cryptocurrency feature is a closed system that only allows buying, selling, and holding crypto within the app.

What are the fees for selling crypto on Venmo?

Venmo’s cryptocurrency transaction fees typically range from 0.50% to 2.3% of the transaction amount, depending on the size of the sale. How to transfer Avalanche to flash drive

This fee is clearly displayed before you confirm your sell order.

How long does it take to withdraw money from Venmo to my bank account?

Standard transfers from Venmo to your bank account are usually free and take 1-3 business days.

Instant transfers are typically processed within minutes but incur a fee, often 1.75% of the transfer amount minimum $0.25, maximum $25.

Is Venmo a good platform for long-term AVAX investment?

Venmo is generally not considered ideal for long-term AVAX investment, primarily because it’s a custodial service that does not allow you to withdraw your crypto to a personal, non-custodial wallet.

This limits your true ownership and control over your assets.

What is a non-custodial wallet?

A non-custodial wallet is a cryptocurrency wallet where you, and only you, hold control of your private keys.

This gives you direct ownership and responsibility for your funds, unlike custodial wallets where a third party holds your keys.

Why is holding my own private keys important?

Holding your own private keys means you have true ownership and control over your cryptocurrency.

It protects your assets from exchange hacks, insolvency, or account freezes, aligning with the principle of full possession in Islamic finance.

What is a seed phrase and why is it important?

A seed phrase or recovery phrase is a series of 12 or 24 words that serves as the master key to your non-custodial cryptocurrency wallet. How to convert Avalanche to inr in stake

It allows you to recover your funds if you lose access to your wallet or device.

Losing it or sharing it with others means losing your funds.

What are some reputable non-custodial wallets for AVAX?

Reputable non-custodial wallets for AVAX include MetaMask with Avalanche C-chain added, Core Wallet official Avalanche wallet by Ava Labs, and hardware wallets like Ledger and Trezor for enhanced security.

How do I transfer USD from Venmo to an external crypto exchange?

After selling AVAX on Venmo, you first need to withdraw the USD from your Venmo balance to your linked bank account.

Once the funds are in your bank account, you can then deposit them into your chosen external crypto exchange account.

Are there any Shariah-compliant alternatives to Venmo for crypto?

While no major consumer payment app like Venmo is explicitly Shariah-compliant for crypto, the alternative is to use reputable, ethical crypto exchanges that allow withdrawals to your own non-custodial wallet.

Then you manage your crypto through a Shariah-conscious approach, avoiding interest-bearing protocols or speculative ventures.

What does “Not your keys, not your coin” mean?

“Not your keys, not your coin” is a popular crypto adage that emphasizes that if a third party holds your private keys as in a custodial service like Venmo, you don’t truly own or control your cryptocurrency.

Is buying crypto on Venmo permissible in Islam?

The permissibility of buying crypto on Venmo, from an Islamic perspective, depends on the underlying cryptocurrency and your overall investment strategy.

While the act of buying itself is generally neutral, the custodial nature and limitations on true possession might be a point of concern for some. How to convert AVAX to sats

It’s crucial to ensure the specific crypto like AVAX is not primarily used for impermissible activities.

What are common fees charged by cryptocurrency exchanges?

Common fees charged by cryptocurrency exchanges include trading fees for buying/selling, often a percentage of the transaction, deposit fees rare for fiat, but common for certain cryptos, and withdrawal fees a fixed amount for moving crypto off the exchange.

What is Gharar and Maysir in the context of crypto?

Gharar refers to excessive uncertainty or ambiguity in a contract or transaction, while Maysir refers to gambling.

In crypto, this can apply to highly volatile, speculative tokens with no clear use case, or trading practices involving excessive leverage or extreme speculation that resemble gambling.

How can I ensure my AVAX investment is Shariah-compliant?

To ensure your AVAX investment is Shariah-compliant, focus on using non-custodial wallets for true ownership, avoid any interest-bearing staking or lending protocols, ensure AVAX is used for permissible activities within the Avalanche ecosystem, and conduct thorough due diligence on any associated projects to avoid excessive speculation.

Can I deposit AVAX into Venmo from another wallet?

No, Venmo does not support incoming cryptocurrency deposits from external wallets or exchanges.

Their system is designed for internal purchases and sales only.

What is the Avalanche C-chain address?

The Avalanche C-chain Contract Chain address is the specific address on the Avalanche blockchain network where AVAX tokens, and many other tokens compatible with Ethereum Virtual Machine EVM, reside.

When transferring AVAX from an exchange to a non-custodial wallet, you typically use a C-chain address.

Should I use a hardware wallet for my AVAX?

Yes, using a hardware wallet like Ledger or Trezor is highly recommended for storing your AVAX, especially for larger amounts, as it provides the highest level of security by keeping your private keys offline and protected from internet-based threats. How to convert Avalanches to cash

What are the risks of using custodial crypto services like Venmo?

Risks of using custodial crypto services include potential loss of funds if the platform is hacked or becomes insolvent, limited control over your assets, potential for account freezes, and reliance on a third party for access to your digital wealth.