The Travel Rule is a global regulatory standard that requires Virtual Asset Service Providers (VASPs) to share certain information about originators and beneficiaries of crypto transactions. The goal is to enhance transparency and combat financial crimes such as money laundering and terrorism financing.
We’re making changes to the crypto deposit and withdrawal processes. These changes are to comply with global regulations implementing the Travel Rule, and. These changes will apply to crypto deposits and withdrawals involving certain jurisdictions where Travel Rule regulations are in place. Over time, the number of jurisdictions with Travel Rule regulations is expected to increase.
When making a deposit or withdrawal, you may be required to complete a brief questionnaire. This will include questions about the originator / beneficiary, e.g., their name and any additional information requested.
If you are transferring funds to or receiving funds from a self-hosted wallet, you may need to verify control by performing a micro-transaction test (also known as the Satoshi Test).
Ensure that you provide accurate information in the Withdrawal and Deposit Questionnaires to avoid any delays or issues.
During the deposit and withdrawal process, we will provide clear, step-by-step guidance to help you complete the process smoothly. However, it is your responsibility to provide accurate and complete information. Please note that specific requirements may vary depending on the jurisdictions involved. If the required information is missing or incorrect, your transaction may be delayed or require additional information before it can be processed.
We are committed to protecting your data while ensuring compliance with the Travel Rule. Here’s how we safeguard your information:
Withdrawals
Users who have been using the old withdraw API endpoint /sapi/v1/capital/withdraw/apply will need to ensure that they switch to the updated withdraw API endpoint /sapi/v1/localentity/withdraw/apply which will now require additional travel rule information .
The withdrawal questionnaire is different for each regulated entity, please refer to the Withdraw Questionnaire Contents page and refer to requirements under “UAE”.
Deposits
Users who have made a deposit will now also be required to also submit a Deposit questionnaire using the Submit Deposit Questionnaire endpoint /sapi/v1/localentity/deposit/provide-info
The deposit questionnaire is different for each regulated entity, please refer to the Deposit Questionnaire Contents page and refer to requirements under “UAE”.
If you have any questions or concerns, please contact our 24/7 Customer Support team.
If you are a VASP and would like to make a Travel Rule enquiry, please contact travelrule@binance.com.
To facilitate the secure and seamless exchange of Travel Rule information, Binance utilizes the solution developed by Global Travel Rule. You may also refer to this post for further information.
Thank you for your understanding and cooperation as we work to meet global compliance standards while providing a secure and efficient platform for your transactions.
