Important Travel Rule information

All EU users need to review the information below carefully, as the process for sending and receiving crypto-assets has changed.

What is the Travel Rule?

The Travel Rule is designed to bring greater transparency to crypto-asset transfers, making it harder for criminals to use crypto-assets for illicit activity. The Travel Rule relates to the gathering and transmitting of required names and account details of the parties involved in crypto-asset transfers between centralised crypto-asset businesses.

The Travel Rule is crucial for CASPs (Crypto Asset Service Providers) as it ensures compliance with global anti-money laundering (AML) regulations. By requiring the exchange of sender and receiver information for cryptocurrency transactions, it enhances transparency and helps prevent illicit activities such as money laundering, terrorism financing, and fraud. Implementing the Travel Rule also fosters trust within the industry, aligns CASPs with international standards, and ensures smoother cooperation with regulators and financial institutions.

Following the Financial Action Task Force (FATF) recommendation dated June 1st, 2019, the Travel Rule has been implemented in the EU with the Transfer of Funds Regulation which applies no later than December 31st, 2024.

Is the Travel Rule mandatory?

Yes, all crypto-asset service providers must comply with the requirements. The Travel Rule was passed into all EU countries under Regulation (EU) 2023/1113, on information accompanying transfers of funds and certain crypto-assets.
Travel rule is also regulated by the EBA Guidelines on Policies and Procedures in Relation to Compliance Management and the Role and Responsibilities of the AML/CFT Compliance Officer under Directive (EU) 2015/849 and by the FIAU Implementing Procedures Part 2 for Crypto Asset Service Providers.

How does the Travel Rule affect me?

The Travel Rule applies to all crypto deposits and withdrawals.

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.

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 sсreenshots or video records or other means of verification.

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.

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 KYRREX MT.

KYRREX Solutions
To ensure compliance with the Travel Rule in a simple, secure, and efficient way KYRREX uses solution by collecting and verifying the sender's and receiver's details and securely sharing this information with other institutions involved in the transaction. It uses specialized protocols, such as the Travel Rule Information Sharing Architecture (TRISA) and OpenVASP. The data is shared only with authorized parties and is protected through advanced encryption.

Frequently Asked Question
1. Does the Travel Rule change how I trade on KYRREX?
No, the Travel Rule only affects crypto withdrawals and deposits.

2. What if I choose not to share the required information with KYRREX?
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. What's 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. 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?
You can verify your private wallet address through a sсreenshots or video records or other means of verification.

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?
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 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. What if I sent funds to KYRREX MT from a non-Travel Rule compliant exchange?
Contact the exchange and ask them to reach us 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.