What is the Travel Rule?

The Travel Rule requires Virtual Asset Service Providers (VASPs), including exchanges, custodial wallets, and financial service platforms, to identify and share information about the origin and destination of crypto transactions. It is a global anti-money laundering (AML) measure designed to enhance transparency and traceability.

 

What is a VASP?

A VASP (Virtual Asset Service Provider) is any business that offers services involving virtual assets, including exchanges, wallet providers, or custodians. In this context, it refers to crypto service providers like Bybit.

What are Virtual Assets (VAs)?

According to the Financial Action Task Force (FATF), Virtual Assets are digitally represented units of value that can be traded, transferred, or used for payment or investment but do not exist in physical form. Examples include cryptocurrencies, stablecoins, utility tokens, security tokens, and NFTs.

Why is the Travel Rule necessary?

The Travel Rule is essential to prevent financial crimes such as money laundering and terrorist financing. It ensures that VASPs exchange required information when processing virtual asset transfers, thereby improving trust and security in the crypto ecosystem.

Will Bybit EU implement Travel Rule?

Yes, as required by Regulation (EU) 2023/1113, Bybit EU is fully compliant with the Travel Rule. We are required to collect specific information when you deposit or withdraw crypto, whether to or from another exchange (VASP) or a personal wallet (e.g., MetaMask).

How does the Travel Rule affect me as a Bybit EU customer?

As a Bybit EU customer, you are required to provide specific information when making crypto deposits or withdrawals. The type of information and whether wallet address verification is needed depend on the nature of the transaction.

 

Do I need to complete wallet address verification for all deposits and withdrawals?

It depends on the type of transaction. See the breakdown below:

 

a. Crypto Deposits

Deposits from VASPs (Exchanges or Crypto Platforms)

No wallet ownership verification is required. Your deposit will be credited automatically once Bybit EU successfully matches the sender information with the originating VASP.

Deposits from Personal Wallets (e.g., MetaMask)

• If the deposit amount exceeds 1,000 USD, wallet ownership verification is required.

• Open the verification link in your Deposit History to complete the process.

• If the deposit is made from someone else’s wallet, copy the verification link and send it to the sender to complete the verification.

• Once verification is completed successfully, your deposit will be credited to your Funding Account.

 

b. Crypto Withdrawals

Withdrawals to VASPs (Exchanges or Crypto Platforms)

You must specify whether the transfer is going to a VASP and provide the recipient’s full name.

Your withdrawal will be processed once the submitted information matches the recipient VASP’s records.

 

Note: For details, see the guide: How to Complete Wallet Address Verification for Deposit and Withdrawal.

 

 

 

Withdrawals to Personal Wallets (e.g., MetaMask)

After submitting your withdrawal request, you must complete wallet ownership verification from your Withdrawal History.

 

This step confirms that you own the destination wallet address.

 

When do I need to verify a wallet address?

You need to verify wallet ownership during deposits or withdrawals involving personal wallets. This is done via your transaction history once the address is detected.

What if the wallet belongs to someone else?

If the wallet address belongs to someone else (e.g., you're sending to or receiving from another person's personal wallet), you can copy the verification link from your deposit or withdrawal history and send it to them. They will need to complete the wallet verification on their side.

Do I need to verify the same wallet address twice?

No, once an address is verified, you won’t need to verify it again for future transactions.

What does “No Match Found Yet” mean for my withdrawal?

This message appears when the recipient VASP has not yet returned a match for the required beneficiary information. You can still submit the withdrawal; it will be processed once we receive confirmation from the receiving platform. You may cancel the withdrawal at any point before verification is completed. 

 

Can I cancel my withdrawal?

Yes, you can cancel your withdrawal as long as you have not done the verification. If the Cancel button is grayed out, you can no longer cancel your withdrawal request. 

 

 

 

Why does it show “Information Match Failed”?

This means the beneficiary information you entered doesn't match the data provided by the recipient exchange or wallet. Please double-check the accuracy of the information and try again.

 

Do all deposits and withdrawals require verification?

Yes, regardless of the transaction amount, verification is required under the EU Travel Rule.

What happens if my verification fails?

If your wallet ownership verification fails, you can click Retry to re-attempt the process. Ensure you correctly select the wallet type and enter accurate details (such as full name and originator/beneficiary data).

 

 

 

 

Can I request a refund to a different wallet if verification fails?

Yes, you can initiate a refund from the Deposit History page or the Pending Assets tab in your Funding Account. Select the coin, chain type, new wallet address, and amount. Then click Submit.

 

 

Important: Double-check all refund details before submitting.

Will my information be shared with third parties?

Your information will only be shared with other regulated VASPs involved in the transaction, in accordance with the law. Bybit EU follows strict security and data protection policies, including GDPR, to keep your information safe.