Travel Rule FAQ (EEA region)

The Travel Rule is an international regulation designed to prevent financial crime. Starting 30 December 2024, we’ll need to collect additional information for certain crypto transactions for customers in the European Economic Area (EEA) region.

How does the Travel Rule affect me?

The Travel Rule applies to all crypto deposits and withdrawals.

Select Submit to continue Travel Rule verification

When you make a withdrawal or receive a deposit, you’ll need to specify whether the transfer involves a private wallet or a crypto exchange account.

Choose exchange or private wallet as applicable

Note: to ensure the process goes smoothly, make sure the sender’s information matches your identity verification details on our platform.

Select the channel that the transaction will be transferred to

• Private Wallets

  • If you’re withdrawing to a wallet that’s not yours, you’ll need to provide the recipient’s full name.

  • Similarly, when receiving a deposit from someone else’s wallet, you’ll need to provide the sender’s full name before receiving the funds. Additional information may be required in some cases.

  • For withdrawals and deposits over €1,000, we’ll need to verify ownership of the private wallet. This can be done through a Satoshi test.

• Exchanges

  • If you’re sending crypto to someone on another exchange, just select the exchange and provide the recipient’s name as it’s registered on their exchange account.

    

    Recipient's full name is needed as part of the withdrawal verification

  • If you’re receiving funds from another exchange, you’ll need to share your full name (as registered on our platform) with the sender and let them know your account is with OKX EU.
    Note: if you don't see your exchange listed here to make a withdrawal, please ask them to contact us at travelrule_dd@okx.com and we will work with them to establish a compliant Travel Rule connection.

  • To make a withdrawal to another exchange, the receiving exchange entity must be Travel Rule compliant. Global exchanges operate using different entities to serve different customers around the world. For example, at OKX we have OKX EU, OKX Singapore and more.

  • The Travel Rule is still a relatively new requirement in the world of crypto so even within one exchange group, it may be that not all of the exchange entities are ready to handle Travel Rule transactions.

  • If you're having trouble withdrawing to a particular exchange, the underlying exchange entity may not be ready yet to accept Travel Rule transfers from OKX. In this case, we suggest trying to make your withdrawal to another exchange or wallet.

  • If there's a particular exchange that you'd like to be able to withdraw to that is currently not listed or working, please ask the exchange to contact us at travelrule_dd@okx.com and we'll help them establish a compliant Travel Rule connection with OKX.

FAQ

1. Does the Travel Rule change how I trade on OKX?

No, the Travel Rule only affects crypto withdrawals and deposits.

2. What happens under the Travel Rule if I choose not to share the required information with OKX?

If you don’t share the necessary details, your transaction may not be processed. Make sure to provide all required information to avoid disruptions.

3. Under the Travel Rule, what's considered a private wallet?

A private (or unhosted) wallet is a self-custody wallet owned and controlled by an individual, not an exchange. This includes hardware or cold storage wallets.

4. Under the Travel Rule, can I transfer crypto to/from my cold wallet?

Yes, but you may need to verify ownership of the wallet.

5. How do I verify my private wallet under the Travel Rule?

You can verify your private wallet address with:

• Satoshi test: a verification process on our platform that involves sending a random amount of crypto to a designated address within a 180-minute window to confirm ownership. Learn more about the Satoshi test here.

6. What if I receive a crypto deposit from another exchange and encounter a Travel Rule verification failure due to a name mismatch?

You can verify whether the information provided by the sender matches your identity verification details on our platform. Occasionally, errors occur due to incorrect name entries, resulting in verification issues. If you're uncertain about your identity verification name on our platform, please reach out to our customer support for assistance.

7. How can I access funds locked in my account due to Travel Rule requirements?

Crypto deposits may be locked until the sending exchange or custodian provides the required Travel Rule information, as mandated by the European Union legislation. Contact the exchange and ask them to reach us at travelrule_dd@okx.com with the transaction hash, token, amount, and deposit address. We’ll work directly with the exchange.

Note: this process relies on the exchange meeting the Travel Rule requirements, as we're subject to European Union regulations before we can credit your deposit.

8. How long will my deposit be locked on our platform?

Deposit may be locked if we don't receive a Travel Rule message from the sending platform. The deposit typically remains locked until you (or the sender) supply the necessary details required. The deposit is credited when the information is verified and compliant with local regulations.

9. Can I initiate a self-closure of my account after the deposit is unlocked?

Once the deposit is fully unlocked and any pending requirements are cleared, you may initiate self-closure through the app or web as instructed.

10. How do I know if my exchange or custodian is Travel Rule compliant?

If the exchange appears in the withdrawal drop-down list, we’re already connected through a Travel Rule solution. If not, ask the exchange to reach us at travelrule_dd@okx.com so we can establish a connection. We'll then contact the exchange to request they connect them to our Travel Rule solution.

Note: this process relies on the exchange meeting the Travel Rule requirements, as we're subject to European Union regulations prior to us being able to make them available for you to transact with.

11. What if I sent funds to OKX from a non-Travel Rule compliant exchange?

Contact the exchange and ask them to reach us at travelrule_dd@okx.com with the transaction hash, token, amount, and deposit address. We’ll work with them directly.

Note: this process relies on the exchange meeting the Travel Rule requirements, as we're subject to European Union regulations before we can credit your deposit.

12. What should I do under the Travel Rule if my exchange isn't listed as an option?

Ask the exchange to reach out to us at travelrule_dd@okx.com so we can request them to connect to our Travel Rule solution.

Note: this process relies on the exchange meeting the Travel Rule requirements, as we're subject to European Union regulations prior to us being able to make them available as an option.

13. How can i deposit > EUR1000 to my private wallet？

In order to verify you have control over private wallet addresses, you can either use digital signature or satoshi test depending on your selected token.

WalletConnect is also available as a private-wallet verification method where supported. If the wallet belongs to you and WalletConnect is displayed as an option, connect the wallet involved in the deposit or withdrawal and approve the signature request. Your seed phrase and private keys will not be shared with or stored by OKX.

For a deposit, connect the private wallet address that will send the assets. For a withdrawal, connect the private wallet address that will receive the assets. If the wallet belongs to another person, provide the sender's or recipient's information requested during the Travel Rule flow instead.

14. What is WalletConnect?

WalletConnect is a verification method that allows you to connect a supported private wallet to your verified OKX account and confirm that you control the wallet address by approving a wallet signature. For more information, refer to WalletConnect FAQ.

15. How do I use WalletConnect for a private-wallet deposit?

When completing the Travel Rule verification for a deposit from your own private wallet, select WalletConnect if it is available. Connect the wallet that will send the deposit and approve the signature request. Once verification is successful, complete the deposit from the verified address.

16. How do I use WalletConnect for a private-wallet withdrawal?

When completing the Travel Rule verification for a withdrawal to your own private wallet, select WalletConnect if it is available. Connect the destination wallet and approve the signature request. Once verification is successful, return to the withdrawal flow and complete the withdrawal to the verified address.

17. Can I use WalletConnect to verify someone else's wallet?

No. WalletConnect can only be used to verify a wallet that you own and control. For a transfer involving someone else's wallet, provide the sender's or recipient's information requested during the Travel Rule flow.

18. Why can't I see WalletConnect as a verification option?

The verification methods available may depend on the wallet, network, transaction, and product flow. If WalletConnect is not displayed, use another verification method shown on OKX, such as the Satoshi Test.

19. What happens if WalletConnect verification fails? Can I try again?

Yes, you may try again. Confirm that you are signed in to your verified OKX main account, that you connected the correct wallet address, and that the wallet supports the selected network. If the issue continues, use another verification method displayed on OKX or contact OKX Support.

20. Do I have to pay a network fee to verify my wallet with WalletConnect?

No, signing does not incur any network fees. It merely serves as a verification, not a transaction.

21. Can I skip satoshi test?

Due to compliance requirements, we will need to verify you have control over private wallet addresses based on Satoshi Test. Satoshi test, is one of the industrial standards to verify the ownership of the wallet address.

If WalletConnect is displayed as an alternative verification method, you may use it instead of the Satoshi Test to verify a supported private wallet that you own and control. If WalletConnect is not available, complete the verification method shown on OKX.