The Travel Rule is a key regulation in the world of cryptocurrencies that impacts your transfers. Here we answer the most frequently asked questions so you can understand how this regulation affects you.
What is the Travel Rule?
The Travel Rule is a regulation that requires transfers of funds, including crypto assets, to include information about the originator and the beneficiary to prevent money laundering and terrorist financing. Since 2024, this regulation also applies to crypto asset service providers like us.
Why does Bit2Me request more information now?
Since December 30, 2024, the legislation imposes the obligation to collect and verify information about the crypto asset transfers you make, both to and from other platforms or self-hosted wallets.
How does the Travel Rule affect the use of Bit2Me?
The use of Bit2Me to buy, sell, or swap crypto assets has not changed. The regulation only affects crypto asset transfers. When making these transactions, we request additional information about the originator and recipient, including those from external platforms and self-hosted wallets. This step is necessary to comply with the regulation and ensure the security of transactions.
Don't worry, the application of the Travel Rule has not affected your ability to send or receive crypto assets, nor the networks supported by Bit2Me.
Information for other exchanges:
Exchanges that need to send Travel Rule information to Bit2Me must do so through an appropriate channel for data processing. Information sent through other means may not be processed. To get the contact email for sending data or to know the available protocols, please contact our support team.
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