Updated on Fri, 21 Feb, 2025 at 10:06 AM
The Transfer of Funds Regulation (TFR) is the European implementation of the FATF Recommendation 16, also known as the Travel Rule, which requires cryptocurrency service providers (CASPs) in Europe to include information about the sender and the recipient in cryptocurrency transfers.
The Travel Rule obliges CASPs to obtain, store, and transmit the required information about the sender and recipient immediately and securely during transfers. This information helps establish a clearer and more traceable system to monitor cryptocurrency transactions, thus supporting global initiatives to enhance transaction security.
Since December 30, 2024, Bit2Me has been implementing the Travel Rule in compliance with Regulation (EU) 2023/1113. This means we must collect, verify, and transmit information about the cryptocurrency transfers you make or receive. This applies to transfers to and from other platforms (CASPs) subject to this regulation, as well as transfers to and from self-hosted wallets.
The use of the platform for purchasing, selling, swapping, and other operations will remain the same.
The regulation affects blockchain operations and transfers between Bit2Me users with Bit2Me Pay. When making deposits or sending cryptocurrencies, additional information about the sender and recipient will be requested, including those on external platforms and self-hosted wallets. This additional step is crucial to ensure regulatory compliance and transactional security.
The implementation of the Travel Rule does not affect the ability to send cryptocurrencies nor the networks supported by Bit2Me.
.
Did you find it helpful? Yes No
Send feedback