What is the Travel Rule?

The Travel Rule for Crypto Assets requires all Virtual Asset Service Providers (VASPs) to transmit certain customer details alongside transactions above a determined threshold.

The travel rule raises crypto to the same standards as traditional finance, which has been subject to the same regulation since 1995. EQONEX has implemented this control to abide by the requirement prescribed by our regulators.

Read more about the Travel Rule.

What to expect

To comply with the Travel Rule, EQONEX users are now required to provide the following supplementary information when whitelisting wallets for withdrawals, depositing crypto into an EQONEX wallet, and withdrawing digital assets from EQONEX to a different address:

  • Verify ownership of the wallet.*

  • Wallet type: Exchange/Custody Provider or Self-Hosted Wallet

  • Exchange/Custody Provider name (if any)

  • Beneficiary details (if any): Full name, Nature of relationship with the third party

  • Proof of ownership

  • Purpose of transfer

*Note: For SG-AI users, you can only transfer to a wallet you own.

The required information may vary depending on the following:

  1. Transferring to your own the wallet on another Exchange/Custody Provider

2. Transferring to your own non-custodial wallet (Self-Hosted)

3. Transferring to a third-party wallet on another Exchange/Custody Provider

4. Transferring to a non-custodial wallet owned by a third-party

If further Travel Rule information is required for your transaction, our Customer Support team may contact you for clarification.


FAQs

  1. How will the Travel Rule be implemented on EQONEX?
    EQONEX will implement the Travel Rule in phases. Users will be notified ahead of any changes.

  2. Do all EQONEX users have to be Travel Rule compliant?
    Yes. The Travel Rule will apply to all EQONEX users. We understand that other cryptocurrency and digital assets exchanges also aim to adhere to their respective Travel Rule regulations in their jurisdictions.

  3. I mistakenly entered incorrect ownership or beneficiary information. What should I do?
    You may either remove the wallet and whitelist a new one or contact our Customer Support for further assistance.

  4. What happens to my previously whitelisted wallets?
    We will request additional details when you submit a withdrawal request to a wallet without Travel Rule information.

  5. Will my personal data be safe?
    Assessing the robustness of the counterparty's data storage and security framework is an essential part of the due diligence process of EQONEX and our Travel Rule partner.

  6. What happens if I don't see my funds?

In the unlikely event a deposit is not credited to your EQONEX account within 24 hours, please contact our Customer Support so they may investigate.

If your funds from EQONEX to another VASP have not been credited, please reach out to the exchange or wallet provider of the beneficiary.

For further assistance or more information, please contact our Customer Support team via help@eqonex.com or click on the chat widget at the bottom right-hand side of the EQONEX page.

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