All EU users need to review the information below carefully, as the process for sending and receiving crypto-assets has changed.
What is the Travel Rule?
The Travel Rule is designed to bring greater transparency to crypto-asset transfers, making it harder for criminals to use crypto-assets for illicit activity. The Travel Rule relates to the gathering and transmitting of required names and account details of the parties involved in crypto-asset transfers between centralised crypto-asset businesses.
Following the Financial Action Task Force (FATF) recommendation dated June 1st, 2019, the Travel Rule has been implemented in the EU with the Transfer of Funds Regulation which applies no later than December 31st, 2024.
Is the Travel Rule mandatory?
Yes, all crypto-asset service providers, including Crypto.com, must comply with the requirements. The Travel Rule was passed into all EU countries under Regulation (EU) 2023/1113, on information accompanying transfers of funds and certain crypto-assets.
How will this affect me?
When I transfer crypto-assets
You will be required to provide supplementary information when you send crypto-assets from Crypto.com to an external wallet (i.e., a non-custodial wallet or a cryptocurrency exchange), including:
Name and country of the beneficiary party
Wallet type (custodial or non-custodial)
Name of the beneficiary crypto-asset service provider (if applicable)
Per the Travel Rule requirements, after the withdrawal is made, we will pass your name and the beneficiary’s name to the beneficiary crypto-asset service provider.
If the withdrawal amount is over 1,000 EUR and the beneficiary party is a non-custodial wallet, you may be required to provide additional information.
You may not be required to provide information for subsequent transfers if the information initially provided is still current and valid, as determined by Crypto.com. Once the provided information has been verified, outgoing transfers to that wallet address will be accepted.
When I receive crypto-assets
When you receive a crypto-asset transfer from an external wallet (i.e., a non-custodial wallet or a cryptocurrency exchange), Crypto.com requires you to declare the details of the originating party, including:
Name and country of the originating party
Wallet type (custodial or non-custodial)
Name of the originating crypto-asset service provider (if applicable)
Please follow the steps below to submit your deposit details:
1. Go to the Accounts tab and tap the Submit Now button on the pop-up regarding your crypto deposit at the bottom of the screen
2. A list of deposits that require additional information will be shown. Tap Submit next to the deposit.
3. Enter the Sender’s Name, select the Sender’s Country and Wallet Type, and tap Submit
4. The deposit will be credited to your Crypto Wallet upon submission.
If the transfer is made from a centralised exchange and they have provided the required information to Crypto.com per the Travel Rule requirements, you may not be required to provide the details.
If you have any questions, kindly reach out to our Customer Support team via the in-app chat.
For further information, please see the following documents provided by the Financial Action Task Force (FATF) and the European Banking Authority EBA (EBA Guidelines)