How does the travel rule affect me as a Coinmotion customer?
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Explore our compiled vocabulary on Cryptocurrencies and the Travel Rule.
Faster and safer crypto transactions
The new processing procedures will speed up the handling of cryptocurrency transfers for most customers. Depending on the situation, some customers may unfortunately experience some delays in transfer processing due to insufficient Travel Rule information. We will actively focus on minimizing potential delays but recommend conducting time-critical transfers, such as payment transactions, from private wallets.
We will collect most of the necessary travel rule information for you. In case we don't have access to the necessary information, we need your help in providing this info with your transfers.
If you do not make cryptocurrency transfers, Travel Rule will not affect you. The evolving regulation does not affect cryptocurrency trading or custody, and these services will continue to function as before.
Transfers to and from other services
If you make cryptocurrency transfers to other services, we will transmit your information to the other service provider in accordance with the regulations. If we cannot reach the other service provider, your transfer may be delayed or prevented.
If you receive cryptocurrency transfers from other services, we will expect to receive the required information under the regulation from the other service provider. If the other service provider does not send the necessary information, we will have to ask you for additional information to process your transfer.
Regarding both outgoing and incoming transfers, initially, it is expected that some service providers, especially those outside the EU, may not yet fully support the transfer of Travel Rule information, so there will be delays and additional questions with such counterparts.
If you send cryptocurrencies to your private wallet or receive cryptocurrencies from your private wallet valued over €1,000, we will ask you to verify control of your private wallet through a digital signature. Cold or hardware wallets, mobile wallets, and browser wallets, for example, can be private wallets.
Please note that all these regulatory changes will only come into effect at the turn of the year. Until then, transfers will operate as they have so far.