Travel Rule FAQ

Published on Jul 20, 2023Updated on May 9, 20245 min read51

Under Travel Rule requirements, only certain users will be affected. If you fall into this category, you will need to provide the name of the beneficiary party and whether the transfer is going to a private wallet or cryptocurrency exchange account. Additionally, we may require supplementary information to meet the necessary compliance standards. Read through the frequently asked questions to know better about what Travel Rule is in OKX.

The purpose of the Travel Rule implementation at OKX

The Travel Rule is an international standard established to combat money laundering and terrorist financing within virtual assets.

It requires virtual asset service providers (VASPs) like OKX to disclose specific customer data for crypto asset transactions of more than a certain amount. By implementing the Travel Rule, we aim to enhance transparency and traceability in virtual asset transactions, similar to the obligations of traditional financial institutions.

The impact of Travel Rule on users

The implementation of Travel Rule measures at OKX will be gradual and primarily affect users in regulated regions. If you belong to the regulated region, when initiating a withdrawal or receiving a deposit transaction, you will be asked to specify whether the transfer is going to a private wallet or cryptocurrency exchange account and provide the legal name of the beneficiary party. Additional supplementary information may also be required.
CT-app-travel rule-select withdrawing platformSelect the channel that the transaction will be transferred to
The same may be applied to incoming crypto transfers in regulated regions, where deposits without a Travel Rule message may be locked until you provide additional information on the person who initiated the crypto transfer.

If you're making a withdrawal to another exchange:

1. What is the additional information that I will need to provide while performing a withdrawal?

You will need to provide the Legal name of the beneficiary party and indicate whether the transfer is directed to a private wallet or a cryptocurrency exchange account. Supplementary information may also be needed to ensure compliance.
CT-app-crypto withdrawal-travel ruleAdditional info is needed for users in specific regions

2. What happens if my withdrawal is rejected due to the Travel Rule?

If your withdrawal is rejected due to the Travel Rule, your assets won't be sent, and you will receive an email notification informing you of the unsuccessful withdrawal. You will need to complete the withdrawal again, ensuring that all recipient details are accurate.

If you're making a withdrawal to a private wallet:

1. Why do I need to verify the ownership of a private wallet?

As part of our efforts to align with both local and global requirements, you're required to verify your personal (non-custodial) wallet addresses if you're in the regulated regions. This helps provide a safe and accountable platform for all.

2. How do I verify my private wallet?

You can verify your private wallet address via Cryptographic Signature. You're required to connect your private wallet with OKX and conduct a signing to attest that you own the address.

3. Why is my private wallet verification unsuccessful?

Please ensure that the withdrawing address matches the address you are conducting the signature with. If you're having trouble doing so, we recommend you import your private wallet to OKX wallet and conduct the signing with OKX wallet instead. You can refer here to understand more about how to create/import your wallet.

If you're making a deposit into OKX:

1. If I deposit money from another exchange (such as Upbit) to OKX and encounter Travel Rule verification failure due to a name mismatch, what should I do?

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

2. What is the additional information that I will need to provide for deposits locked due to Travel Rule?

When receiving incoming transfers, you should share your Legal name with the originating party and whether you are receiving the transfer from a private wallet or cryptocurrency exchange.

3. Will I still be able to receive crypto from transactions without Travel Rule information?

Your deposit may be locked till the sender's information is provided. Your deposit will then be credited to your account after you have provided the supplementary information.

4. What happens if I don't fill in the originator information?

Depending on your local law and regulations, your deposit may remain locked until you provide the information required of the person who sent you the fund.

5. Why is my deposit under review?

OKX will mark transactions for review from time to time. This review process depends on a large variety of factors, based on protecting our users against industry bad actors. OKX understands these processes can be frustrating, but it is necessary to protect our user's assets.