What is the Travel Rule?
On 1 June 2019, the Financial Action Task Force (FATF) officially adopted what is known as the Travel Rule. The regulation relates to the gathering and transmission of required names and account details of the parties involved in virtual asset transfers between financial institutions.
Is the Travel Rule mandatory?
On 22 February 2022, the Cayman Islands Monetary Authority (CIMA) issued an Industry Notice advising Virtual Asset Service Providers (VASPs) that the 'Travel Rule' provisions under the Anti-Money Laundering Regulations (2020 Revision) (as amended, the AMLRs) will come into effect on 1 July 2022.
As a regulated entity under the CIMA, the Crypto.com Exchange will be required to comply with these new regulations.
How will the Travel Rule affect me?
The Crypto.com Exchange will be gradually implementing Travel Rule measures across 2022 in an effort to minimize inconvenience to our users. The measures implemented will affect Crypto.com Exchange users globally.
As part of the first phase, the Crypto.com Exchange will ask you to provide the following information for your next transaction:
Outgoing digital token transfers
You must provide the name of the beneficiary party and whether the transfer is going to a private wallet or cryptocurrency exchange account. Other supplementary information is required as well.
The information of the beneficiary party will then be assigned to the corresponding digital wallet address. You will not be required to furnish the beneficiary party’s information for subsequent transfers to the assigned digital wallet address.
Incoming digital token transfers
You should share additional details about your incoming transfers, including the name of the originating party and whether the transfer is from a private wallet or cryptocurrency exchange.
How will this affect me in the future?
The Crypto.com Exchange’s phased approach to implementing the Travel Rule will ultimately ensure that all incoming and outgoing transfers are CIMA-compliant. For incoming and outgoing transactions to or from private wallets, the Crypto.com Exchange will work with you to verify that they are owned and controlled by you.
You will be notified regarding the details of any upcoming measures prior to their roll-out. If you have any questions, kindly reach out to our Customer Support team at [email protected].
For additional information, please refer to the following documents provided by FATF and CIMA:
A Guide to Deposits and Adding New Withdrawal Addresses
Withdrawal
Add a New Withdrawal Address
Go to Wallets > Deposit & Withdrawal > Withdrawal Whitelist
Click Add Withdrawal Address
3. In the Add a New Address dialog box, fill in all mandatory fields, i.e.
Coin and Network
Address
Wallet Type (default value = Others)
Label
4. Enter the 2FA code from your authenticator app and save the address
Deposit
To review incoming deposit transactions:
Click the Add Info button on the blue banner located above the top navigation panel. This banner will also show the total number of new incoming deposits.
2. You will then be redirected to the Deposit & Withdrawal tab
3. In this page, click Add Info for the selected deposit transaction under the Deposit Info tab
4. In the Add Information dialog box, review the information for your deposit and fill in the following details:
Wallet Type (default value = Others)
5. Proceed with deposit verification steps
6. Once the information for this transaction is successfully submitted, the transaction will be removed from the My Deposits page
7. Check your full deposit history by going to Wallet > Deposit & Withdrawal > History