When withdrawing crypto, you may be asked to complete a few extra steps to complete the transaction. This is due to a cryptocurrency regulation known as the Travel Rule, which helps prevent money laundering and fraud, among other things, in crypto markets.
Learn more about the Travel Rule and what it means for your transactions below:
What is the Travel Rule?
The Financial Action Task Force (FATF) officially adopted the regulation known as the Travel Rule on June 1, 2019 to help prevent money-laundering, terrorist financing, and other fraudulent activity. The regulation requires Virtual Asset Service Providers (VASPs) and other financial institutions to collect and communicate certain details of the sender and recipient for virtual asset transfers.
Who's required to follow the Travel Rule?
Anyone sending crypto could be required to follow the Travel Rule. Additionally, all Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges, are required to follow the Travel Rule. Okcoin is a regulated exchange and is required to follow local guidelines regarding digital currency transactions.
How will the Travel Rule affect my crypto transfers?
When the Travel Rule is invoked, you may be asked to provide the following information about the recipient of the crypto you're sending — even if you're sending crypto to yourself:
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Recipient's full name
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Recipient's residential address (Canada only)
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Recipient's personal wallet address and/or their crypto exchange platform name
What if my transaction is rejected?
In the event your transaction is rejected due to the Travel Rule, your assets won't be sent and you'll receive an email to let you know the transaction failed. You'll need to complete the transaction again, ensuring all recipient details are accurate.
If you have any questions or need assistance regarding the Travel Rule, please reach out to our team at support@okcoin.com.