01.10.2025
The Travel Rule is an international standard created to combat money laundering and terrorist financing in the virtual asset sector. Initially introduced by the Financial Action Task Force (FATF) in 2019, this rule extends existing bank regulations to the crypto sector.
It requires virtual asset service providers, such as Buycoin.online, to exchange information with other VASP (CASP) when performing crypto asset transactions that exceed a certain amount.
This improves the transparency of virtual asset transactions.
That’s why we’re implementing changes to help us comply with global regulations. These changes are a positive step for the company and our customers, as they enhance transparency and minimise the risk of financial crimes such as money laundering and terrorism financing.
What does the Travel Rule mean to you?
There won’t be any significant changes to the platform’s processes, just a few straightforward steps to improve transparency and security.
Crypto withdrawals
When you withdraw cryptocurrency from an exchange that follows the Travel Rule, a simple additional step is required to collect the necessary information before your transaction can be processed. This usually happens when the withdrawal amount exceeds the set threshold. You will typically be asked to provide the following:
The recipient’s full legal name: the name of the person or entity who will receive the cryptocurrency. If you are sending to your own wallet, this will be your own name.
The type of destination, i.e. whether you are sending to a private wallet or to another exchange account. Depending on regulatory requirements, there may be additional fields. For example, some withdrawals may require the recipient’s country or a reference note.
Withdrawals to another exchange account
If you are sending cryptocurrency to someone else’s account or to your own account on a different exchange, you will have to enter the recipient’s name exactly as it is registered on that exchange. You will be asked to confirm that the destination is an exchange or custodial platform and not a private wallet.
Withdrawal to a personal wallet (i.e. a self-hosted wallet)
You may be required to prove ownership of the destination wallet as part of the compliance process. The system may ask to verify your wallet using a cryptographic signature or a small test transaction.
If this applies to you, simply follow the steps provided by the exchange. Connect your external wallet and then sign a unique message or perform a ‘Satoshi test’ transaction as instructed. Ensure that the address you are verifying matches the withdrawal address you intend to use. Once your wallet has been verified, you typically won’t need to repeat this process for future withdrawals to the same address.
That’s it!
Few simple steps to fill in the Travel Rule form on Buycoin.online
First, go to the initial Buycoin.online page and enter the amount you would like to exchange.
If this exceeds 1000 EUR, the system will automatically redirect you to an additional Travel Rule form to complete.
The system will then prompt you to select the type of wallet you have. There are several options:
1.1 Select “Self-hosted” if it is yours.
1.2. State who owns the wallet: you or a third party.
1.3 If the wallet belongs to someone else, select the second option and enter its name manually.
1.4 If everything is correct, the system will proceed to the next step. That’s it!
2.1 If your wallet is custodial, choose this option.
2.2 Choose the type of a third-party wallet.
2.3 If the wallet is not listed in the drop-down menu, select “Other Company” and enter its name manually.
That’s it!
Conclusion
The Travel Rule is a crucial step for the crypto industry in merging with traditional finance. Although it adds a few extra steps for users when transferring cryptocurrencies, these are necessary to ensure transparency and security. Always double-check the details of the recipient when sending cryptocurrency.
If you have any questions, please contact our 24/7 Customer Support team.