What is the Travel Rule?
On 1 June 2019, the Financial Action Task Force (FATF) officially adopted what is known as the Travel Rule. This regulation requires Virtual Asset Service Providers (VASPs), such as crypto exchanges, to collect and transmit specific information including names and wallet details of both the sender and recipient in virtual asset transfers between financial institutions.
Is the Travel Rule mandatory?
Yes. On 22 February 2022, the Cayman Islands Monetary Authority (CIMA) issued an Industry Notice confirming that Travel Rule provisions under the Anti-Money Laundering Regulations (2020 Revision) would take effect from 1 July 2022.
As a regulated entity under CIMA, Crypto.com Exchange is required to comply with these regulations.
How will the Travel Rule affect me?
The Crypto.com Exchange will be gradually implementing the new Travel Rule measures globally. Once implemented, users will be required to comply with the Travel Rule for deposits and withdrawals.
To comply with the Travel Rule, the Crypto.com Exchange requires users to:
Declare ownership of deposit addresses.
Whitelist withdrawal addresses by confirming ownership or passing verification.
Only wallet addresses that belong to you can be used. Third-party transfers (to or from wallets not owned by you) are not allowed.
What happens if I receive a deposit from an unknown address?
If you receive a crypto deposit from a wallet address that you have not declared ownership of:
The deposit will be put on hold.
You will need to declare that you own the wallet address from which you receive funds.
Once declared, the deposit will be credited to your wallet.
Deposits from third-party wallets (e.g., someone else’s exchange or custodial wallet) are not allowed.
How do I declare a deposit address?
You will be prompted to declare the address by confirming that you own the wallet.
After logging in, navigate to Wallet > Deposit & Withdrawal > Manage Deposits to view the deposits that are currently on hold. Click on Verify to declare that you own the wallet address.
This declaration only needs to be completed once per address.
Why do I need to whitelist withdrawal addresses?
All withdrawal addresses must be whitelisted by:
Declaring that you own the wallet address, or
Completing ownership verification via our Travel Rule compliance partner.
Withdrawals to wallets you do not own are not allowed. If you intend to send funds to someone else, you must:
First withdraw to your own non-custodial wallet (e.g., MetaMask, Ledger), then
Transfer to the recipient from there.
How do I whitelist a withdrawal address?
To whitelist a withdrawal address:
Go to Wallets > Deposit & Withdrawal > Withdrawal Whitelist.
Click Add Withdrawal Address.
Fill in the required address information.
Complete the 2FA verification step.
The system will verify your ownership with our Travel Rule compliance partner.
You can view the results of the verification on the Wallets > Deposit & Withdrawal > Withdrawal Whitelist page.
Can I deposit from or withdraw to someone else’s wallet address?
No. Third-party deposits and withdrawals are not permitted.
Deposits: Must come from a wallet you own.
Withdrawals: Must go to a wallet you own and have successfully verified.
For any transfers involving other parties, please use your own non-custodial wallet as an intermediary.
Do I need to declare the same wallet address every time?
No. Once a wallet address is declared and verified, it will be added to your list of verified addresses, and you won’t need to declare it again for future transactions.
What if a withdrawal address fails verification?
If the wallet address cannot be verified:
You may edit the address details and try again, or
Choose to withdraw to a verified non-custodial wallet that you control, and transfer to your intended destination from there.