What is the Travel Rule?
The Travel Rule is a regulatory requirement established by the Financial Action Task Force (FATF) that applies to Virtual Asset Service Providers (VASPs) and Crypto Asset Service Providers (CASPs). It mandates that certain customer information must accompany any transactions. If you're interested, you can see the full FATF's document here and extended EU regulations created based on the FATF's Recommendation 16 here.
What this means for customers?
To comply with the Travel Rule, we require customers to complete a basic KYC (Know Your Customer) flow within the Payment Window flow before transacting. This will include collecting the following data, depending on whether the customer is an Individual or a Business:
- Full Legal name (or Business name in case it's a business customer)
- Country of residence
- Residential Address
- Date of birth
- Legal Entity Identifier (only in case of Business customers)
- Type of wallet the customer is paying from or receiving funds to (custodial/non-custodial)
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Wallet address (for non-custodial wallets) or Exchange name (in case of Custodial wallet). If you use a self-hosted wallet and the transaction is over €1,000, additional verification may be required (for example, signing a message with your wallet’s private key) to confirm you own that wallet.
Please see the Individual customer flow example below:
Please see an example of the Business customer flow below:
Your privacy and data safety is our priority. Feel free to check out our Privacy Policy.
If you have any further questions or comments, please contact our Support Team.