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Updates to Crypto Transfer Procedures -Travel Rule

Understanding the Travel Rule

Its primary goal is to increase transparency in digital asset transfers by requiring specific personal information to be included in transactions ⪰ USD1,000. The regulation ensures that funds are not being transferred to sanctioned individuals or entities by mandating identity verification and sanctions screening for both senders and recipients.

The Travel Rule is applicable for all crypto transactions ⪰USD1,000.

The Travel Rule establishes global standards that require financial institutions and Virtual Asset Service Providers (VASPs) to exchange details about the parties involved in digital asset transactions. This aims to prevent illicit use of cryptocurrencies by reducing anonymity in transactions.

For deposits and withdrawals involving a self-hosted wallet, you may need to confirm ownership of that wallet. If you are transacting with another VASP, you may be required to confirm the identity of the VASP and verify the ownership of the wallet. These verification steps will help ensure compliance with Travel Rule regulations.

How Will This Affect Your Transactions?

Depending on whether you are depositing or withdrawing crypto, Stablehouse/XBTO will take on different roles:

  • Client Withdrawals: Stablehouse/XBTO acts as the Originator VASP, requiring details to be shared with the receiving/beneficiary VASP. For a detailed explanation on how to withdraw funds with the travel rule requirements, refer to this article. 
  • Client Deposits: Stablehouse/XBTO acts as the Beneficiary VASP, requiring details of the sender before crediting the transaction to your account.
Information required for withdrawals
Natural Persons  Legal Entities
  • Customer Name
  • Customer Legal Name

  • Customer Address,

  • or Date and Place of Birth

  • or Identification Number

  • or National Identity Number.
  • Registered Address
  • Beneficiary Name
  • Beneficiary Name
  • Beneficiary Address
  • Beneficiary Address
Information required for deposits
Natural Persons  Legal Entities

  • Originator (VASP) Name, or indicate that the originator is a self-hosted wallet
  • Customer Legal Name
  • Originator Address
  • or Date and Place of Birth
  • or Identification Number
  • or National Identity Number.

 
  • Registered Address
  • Beneficiary Name
  • Beneficiary Name
  • Beneficiary Address
  • Beneficiary Address

 

What Do You Need to Do?

To comply with these regulations, all our clients should familiarize themselves with the updates.

For crypto deposits equal to or exceeding a value of USD 1,000, you will be required to verify the source. 

If a deposit appears to originate from a source that does not contain the required information, you will receive an email from our customer support team. You will be asked to specify whether the funds came from an exchange or a private wallet, and name of the originator and beneficiary. 

Once received, the deposit will be released, and credited to your account. Your deposit will remain on pending status until the requested information is received. 

Is My Information Safe?

We prioritize security and are committed to protecting your data. You can refer to our Privacy Notice for a comprehensive overview of how we manage and protect personal information.

Should you require further clarification with compliance-related inquiries, you can submit a ticket and our dedicated support team will be happy to further provide guidance.