All AU users need to review the information below carefully, as the process for sending and receiving cryptoassets has changed.
What is the Travel Rule?
The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use cryptoassets for illicit activity. The Travel Rule relates to the gathering and transmitting of required names and account details of the parties involved in cryptoasset transfers between centralised cryptoasset businesses.
The Travel Rule has been implemented in Australia following the Financial Action Task Force (FATF) recommendation to member nations to adopt it.
Is the Travel Rule mandatory?
Yes, all cryptoasset businesses, including Crypto.com, must comply with the requirements. The Travel Rule was passed into Australian law under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
How will this affect me?
When I transfer cryptoassets
You will be required to provide supplementary information when you send cryptoassets 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 cryptoasset business (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 cryptoasset business.
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).
Please note that if the beneficiary party is in a country where the Travel Rule is effective, you will not be able to send assets to the beneficiary party’s custodial/centralised wallet on networks other than Bitcoin and Ethereum. But, if the withdrawal is made to their non-custodial wallet, there will not be any restrictions regarding the network type.
When I receive cryptoassets
When you receive a cryptoasset 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 cryptoasset business (if applicable)
Please follow the steps below to submit your deposit details:
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
A list of deposits that require additional information will be shown. Tap Submit next to the deposit.
Enter the Sender’s Name, select the Sender’s Country and Wallet Type, and tap Submit
The deposit will be credited to your Crypto Wallet upon submission.
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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 chat.crypto.com.
For further information, please see the following documents provided by the Financial Action Task Force (FATF) and AUSTRAC (Australian Transaction Reports and Analysis Centre):