Travel rule for crypto in the EU

The Travel Rule is an international standard aimed at ensuring transparency in fund transfers and combating money laundering and terrorist financing. Originally developed for the traditional banking sector, it has been adapted for the crypto industry and has become mandatory for service providers working with virtual assets. In the European Union, the Travel Rule is enshrined in the Transfer of Funds Regulation (TFR), which applies to all member states. It is closely linked to the MiCA regulatory framework, but has its own significance: the TFR regulates the information accompanying transfers, while MiCA regulates the licensing of crypto service providers (CASP). A key feature of European regulation is the absence of a threshold for transfers between two licensed market participants: each transaction between CASPs must be accompanied by a complete set of data on the sender and recipient. The absence of a threshold means that even minimal transfers are subject to mandatory identification. However, transfers without the involvement of a service provider (purely P2P transactions) are not subject to the rule. The information collected and transmitted includes the name of the sender and recipient, crypto wallet addresses or account numbers, as well as the sender’s identifying details: residential address, identity card number, customer ID, or date and place of birth. If available, international identifiers such as LEI are also provided. If the information provided is insufficient or questionable, the provider is obliged to suspend or reject the transfer.

Particular attention is paid to transactions involving self-custodial wallets. For transfers between a CASP customer and their personal wallet exceeding €1,000, the provider is required to verify that the customer actually controls the wallet. This confirmation must be obtained prior to the transaction and is a prerequisite for its execution. In practice, the Travel Rule requirements are implemented through standardised data transfer protocols, such as the IVMS101 format, as well as through technological solutions that provide pre-transaction verification, sanctions screening and secure transfer of personal data. Compliance with the General Data Protection Regulation (GDPR) is important, as it requires companies to implement technical and organisational measures to protect information and store the collected data for at least five years. For users, the application of the Travel Rule manifests itself in the need to provide additional information when sending and receiving funds: the type of wallet, the country of the recipient, and, in the case of a transfer to an exchange, its name. Service providers, in turn, automatically transfer customer identification data to the provider on the recipient’s side. The verification of information is valid for subsequent transactions until the original data changes. The implementation deadlines in the EU were set so that the market would have time to adapt. The regulation came into force in June 2023, and the final obligation to comply with the requirements for cryptocurrency transfers came into effect on 30 December 2024.

For crypto asset service providers, building the right compliance system means:

• organising customer identification procedures and ongoing monitoring;
• conducting sanctions screening for each transfer;
• verifying compliance with the IVMS101 format before executing a transaction;
• creating secure channels for information transfer;
• developing internal documentation and instructions in case of incidents;
• ensuring the principles of data minimisation and protection in accordance with the GDPR;
• confirming control over self-custodial wallets for transfers above the threshold.

Thus, the Travel Rule has become a fundamental part of crypto asset regulation in the European Union. It has brought the level of transparency of virtual asset transactions in line with traditional payment systems, while setting new technological and legal challenges for market participants. For companies operating in the EU or targeting European customers, compliance with this regime is an essential condition for lawful activity and a factor in building trust among investors, users, and regulators. Below, we provide information on how the Travel Rule requirement is implemented on the largest crypto exchanges in the EU.

Binance travel rule in Europe

When receiving a transfer via Binance under the Travel Rule, the customer may be required to provide a specific set of data about the sender of the funds. This is because Binance, as a licensed crypto service provider, is required to comply with EU and other jurisdictions’ requirements for identifying transaction parties.

When cryptocurrency is received into an account, the exchange may request the following information:

• the sender’s first and last name;
• the sender’s country of residence;
• the type of wallet from which the funds were sent (custodial with another provider or self-custodial);
• the name of the provider if the transfer comes from a custodial wallet, such as another exchange or cryptocurrency service.

If the sending provider has already submitted a complete set of data to Binance under the Travel Rule, the customer may not need to provide additional information. In situations where the transfer is made from a personal wallet, the exchange may request confirmation of control over that address and related data to comply with legal requirements.

ByBit travel rule in Europe

When receiving a transfer on the ByBit platform under the Travel Rule, the user may be required to provide information about the sender, as the exchange is obliged to comply with international and European regulations on the identification of transaction parties.

In most cases, ByBit requests the following information:

• the sender’s first and last name;
• the sender’s country of residence;
• the type of wallet from which the transfer was made (custodial wallet with another service provider or self-custodial wallet);
• the name of the provider if the transfer comes from a custodial wallet (e.g., another exchange or crypto service).

If the sending provider has already submitted a complete set of data under the Travel Rule, additional confirmation from the customer may not be required. In cases where the transfer comes from a personal wallet, ByBit may request confirmation of control over that address.

Coinbase travel rule s in Europe

When a user receives a crypto transfer — especially from an external address not directly associated with Coinbase — the platform may request additional information about the sender. This is to comply with the EU Transfer of Funds Regulation, which requires Coinbase to collect identifying information about the sender when funds are received from another service provider (VASPs).

The information that may be required includes:

• the sender’s name;
• country of residence or country of origin of the transfer;
• the type of wallet from which the transfer was sent (self-custodial or belonging to another provider);
• the name of the sending provider (another exchange or service) in cases where the wallet is custodial.

If the external provider has already submitted a complete set of information under the Travel Rule, it may not be necessary to resubmit it. However, if the data is missing or incomplete, Coinbase will send the user a request to fill it in. Without this, the transfer may be delayed until the information is provided.

OKX travel rule in Europe

According to information from OKX on the FATF Transfer Rules for European Economic Area countries, when receiving crypto transfers under the Travel Rule, you must provide the following information:

• You must indicate whether the transfer is associated with a private (non-custodial) wallet or a crypto exchange account.
• When receiving a deposit from a third-party wallet, the full name of the sender is required.
• If the deposit exceeds €1,000, you may need to confirm ownership of the private wallet, for example through a cryptographic signature or Satoshi test.
• If the transfer comes from another exchange, you must provide the sender’s full name and confirm that you have an account with OKX (within OKX EU).
• If the name used by the sender does not match your verification details, the transfer may be delayed or rejected.
• If the sending exchange is not listed in OKX’s supported list, it will need to contact OKX at [email protected] to establish communication.
• If the required information is not provided, the transaction may be blocked until complete information is received.

Bitget travel rule in Europe

In 2025, the Transfer of Funds Regulation (TFR) will come into force in the European Union, establishing the Travel Rule for transactions involving crypto assets. This means that all cryptocurrency service providers, including exchanges, brokers and custodial services, are required to accompany each transfer with information about the sender and recipient. The data must be collected, stored and transferred to other service providers, as well as provided to competent authorities upon request. At the same time, the processing of personal data must strictly comply with the requirements of the General Data Protection Regulation (GDPR). Companies are required to implement technical and organisational measures to protect information and ensure its preservation for a specified period. The only exception is completely private transfers between self-custodial wallets without the involvement of intermediaries, to which the Travel Rule does not apply. The MiCA (Markets in Crypto-Assets Regulation) regulatory framework, together with the TFR, forms a unified legal regime for the activities of crypto exchanges and services in the EU. Only companies that fully comply with these requirements are allowed to work with crypto assets. For users, this means that when receiving a cryptocurrency transfer to Bitget or any other regulated platform, additional information about the sender may be requested. The request arises if the transfer was made through a custodial service, the amount is subject to the rules, or if the information provided by the sending party is incomplete. In such cases, the platform may request the sender’s name, the country of origin of the transfer, the type of wallet used (custodial or self-custodial), and the name of the platform from which the transfer was made. In some cases, confirmation of ownership of the wallet address may be required, for example, by means of a cryptographic signature or other verification method. This is done to ensure the transparency and legality of transactions and to reduce the risks of cryptocurrencies being used for money laundering or financing illegal activities.

Mexc travel rule in Europe

The regulation of crypto assets in the European Union is becoming increasingly coordinated thanks to the development of the legal framework, including MiCA regulations and the integration of the Travel Rule principles. Platforms such as MEXC that work with European clients and crypto assets are required to comply with a set of requirements aimed at combating money laundering and terrorist financing. The Travel Rule in the European context stipulates that in cross-platform transactions (CASP ↔ CASP), information about the sender and recipient is transferred between services. This applies to all cases of fund transfers between licensed service providers. Mandatory information includes full name, country of residence, wallet type (custodial or non-custodial) and the name of the provider involved. Standardised formats such as IVMS101 can serve as the technical basis for such exchanges. As an international crypto exchange, MEXC operates as follows within its compliance model in Europe. If a transfer of funds from another provider arrives in a user’s account, MEXC requests identifying information about the sending party. If the sender uses a custodial service, its name must be specified. If the transfer is made from a self-custodial wallet, confirmation of control over the address may be required, for example, through a cryptographic signature. Lack of information or its inaccuracy may result in a delay or suspension of the transaction until the discrepancies are resolved. There are also monetary thresholds that require data exchange. In European practice, CASP ↔ CASP does not set a minimum threshold, so even small amounts are subject to the rules. In cases where self-custody is involved or the transfer is made from an unregulated provider’s wallet, thresholds may apply similar to the €1,000 standard, if so determined by national regulations. In addition, MEXC complies with AML/KYC requirements, including continuous monitoring of suspicious transactions, sanctions screening, and secure data storage within the time limits required by regulations (on average, at least five years). These measures are embedded in the overall MiCA legal framework, which sets goals for consumer protection, transparency, and financial stability. For European users, MEXC means that all required sender data must be provided for internal and external crypto asset transfers. Verification of the wallet form, membership of a custodial platform and confirmation of wallet ownership may be mandatory even for small transfers. This is important not only for compliance with legal standards, but also to ensure the security of user funds and minimise regulatory risks. In the future, further harmonisation of regulatory standards within the EU, improvement of interaction formats between CASPs, and development of technological solutions for compliance automation are expected. MEXC is ready to adapt to such changes, providing customers with transparency of operations, data protection, and compliance with all current European requirements.

Gate.com travel rule in Europe

The Gate.com platform (formerly Gate.io), operating as a crypto-asset service provider (CASP), is required to comply with Regulation (EU) 2023/1113 – Transfer of Funds Regulation (TFR) – and additional guidelines from the European Banking Authority (EBA). Gate.com is integrated with CODE Travel Rule Solution, which ensures the transfer of necessary information between virtual asset providers. For outgoing transfers, the system may require that the withdrawal address be specified in the user’s address book. If the specified data is insufficient or missing, the withdrawal of funds becomes impossible until all the required information is provided. When a user receives a cryptocurrency transfer, Gate.com may request a standardised set of information about the sender, including their full name, country of residence, wallet type (custodial or non-custodial), and the name of the exchange or provider from which the funds are coming. These requirements are consistent with the goal of ensuring the transparency of the transfer and the lawful origin of the funds. For deposits and withdrawals above a certain threshold, which may correspond to a threshold of €1,000, increased verification requirements may apply. For example, Gate.com may request confirmation of wallet ownership, confirmation of control over the address through a digital signature or other technical method. Gate.com will stop registering new users from the European Economic Area (EEA) from 15 March 2025, and current European customers are advised to use Gate.MT as a gateway for compliance processes under the TFR. This is in line with the platform’s strategy on jurisdictional regulation and territorial restrictions. Withdrawals may be blocked if the information about the sender or recipient differs from the data provided in the user verification system. In such cases, the user will need to correct this data so that the transaction can be completed.

Consequently, compliance with the Travel Rule requires Gate.com users in Europe to be prepared to provide the following information when receiving cryptocurrency:

• the sender’s full name
• country of origin of the transfer
• the type of sender’s wallet (custodial with a provider or personal self-custodial)
• name of the exchange or sending provider (if applicable)
• proof of control over the wallet if the transfer amount exceeds the established thresholds

Failure to provide the specified data may result in a delay or refusal to execute the transaction. If necessary, I can additionally compile a checklist of Gate.com requirements in table format, including the differences between incoming and outgoing transfers, or compare them with the rules of other platforms.

HTX travel rule in Europe

As a virtual asset service provider serving European customers, HTX is required to comply with EU Regulation No. 2023/1113 (Transfer of Funds Regulation, TFR) and MiCA (Markets in Crypto-Assets Regulation) requirements. These regulations are designed to ensure transparency of transactions and combat money laundering and terrorist financing by establishing obligations to identify the parties to transactions and transfer their data in crypto transfers. Upon receipt of a transfer, HTX must collect information about the sender, including their full name, country of residence or address, account ID or wallet address, wallet type (custodial or self-custodial), and the name of the cryptocurrency platform or provider if the transfer is made through another regulated organisation. If the transfer comes from a self-custodial wallet and its amount exceeds €1,000, the customer may be asked to confirm control over the wallet using a cryptographic signature, test transfer, or other technical method. HTX is required to verify the accuracy and completeness of the data before executing the transfer. If the information is missing or questionable, the transaction is suspended until it is clarified or rejected if the information cannot be confirmed. All information collected must be processed in accordance with the requirements of the GDPR, which implies minimising the amount of data, protecting personal information, storing it for at least five years, and respecting the customer’s rights to access and correct data in cases provided for by law. The company must have AML/KYC procedures, monitoring and sanctions screening mechanisms, and protocols for responding to suspicious transactions in place. Failure to provide the necessary information or pass verification may result in a delay or blocking of the transfer, and violation of the TFR carries the risk of penalties or restrictions from European regulators. Thus, compliance with the Travel Rule for HTX is not only a prerequisite for doing business in the EU, but also an important element of trust on the part of customers and partners, ensuring the security of operations and compliance with international transparency standards.

 Crypto.com travel rule in Europe

As a provider of crypto-asset services, Crypto.com is required to comply with the EU Transfer of Funds Regulation (TFR), which came into effect on 31 December 2024 and is mandatory for all CASPs within the European Union. When sending crypto assets from Crypto.com to an external address (whether it is a self-custodial wallet or another crypto service), the following information must be provided: the name and country of the recipient, the type of wallet (custodial or self-custodial), and, if the transfer is to another crypto service wallet, the name of that service provider. If the amount exceeds EUR 1,000 and the recipient is a non-custodial wallet, additional information may be requested. After the initial information has been provided and verified, it may not be necessary to resubmit the data for subsequent withdrawals to the same address, provided that the information remains current and valid. When receiving transfers to Crypto.com from external sources (wallets or other exchanges), you must provide information about the sender: their name, country, wallet type (custodial or non-custodial) and, if available, the name of the sending provider. To enter this information, the user must open the “Accounts” tab in the app, find the deposit that requires additional information, and use the “Submit” button to specify the sender’s name, country, and wallet type. Only then will the deposit be credited to the crypto wallet. If the transfer is made from a centralised exchange and it has already provided all the necessary data, it may not be necessary to re-enter the information. Compliance with the Travel Rule is mandatory: all CASPs, including Crypto.com, must follow TFR regulations. These regulations are designed to increase the transparency of cryptocurrency transfers and make it more difficult to use them for illegal purposes. Data processing and transfer must be carried out in strict compliance with GDPR requirements, including the protection of personal information and minimisation of the amount of data collected. Thus, for European Crypto.com customers, the Travel Rule means that they must provide accurate and complete information about the parties to the transfer when sending and receiving funds. The absence or incompleteness of information leads to a delay or inability to carry out the transaction, which emphasises the importance of complying with these requirements as a condition for the legal and safe handling of crypto assets.

 Bitpanda travel rule in Europe

As a virtual asset service provider, Bitpanda has been complying with the EU Transfer of Funds Regulation (TFR) and MiCA regulations since 30 December 2024. These rules aim to increase the transparency of crypto asset transfers and strengthen protection against money laundering and terrorist financing. The Travel Rule applies to all transactions directed to or originating from the platform, including transfers to other crypto platforms, as well as transfers to and from self-custodial wallets. This means that information about the sender and recipient must be exchanged between the providers involved and stored. Bitpanda collects additional information about users participating in such transfers. The required information includes the name and address of the sender and recipient, wallet details (address and whether it is self-custodial or managed by a provider), wallet addresses and, if necessary, other identifiers. If the user does not provide the requested information, the transaction may be suspended or not processed. When withdrawing funds to an external wallet, the user must select the wallet type (self-custodial or custodial) when adding a new address, or specify the name of the provider if the transfer is to a custodial wallet. It is also necessary to specify the name of the recipient and the wallet host. Bitpanda ensures the security of the transferred data and exchanges it with other regulated financial institutions only to the extent required by law, complying with privacy protection requirements. Data retention periods comply with legal requirements and internal company policy. The implementation of the Travel Rule does not change the basic functionality of the platform for the user — transactions with crypto assets are still available, but when transferring to new addresses or platforms, it will be necessary to provide complete and accurate information about the sender and recipient. Failure to comply with these requirements may result in a delay or cancellation of the transaction. Compliance with the rules is a prerequisite for the legal use of Bitpanda within the European Union.