Under U.S. federal law, financial institutions — including virtual asset service providers (“VASPs”) such as Webot — are required to collect, retain, and, in certain circumstances, transmit specific information about the parties to a funds transfer. This requirement is commonly known as the “Travel Rule.” It derives from the Bank Secrecy Act and is codified in FinCEN regulations at 31 CFR 1010.410(e)–(f). In 2019, FinCEN confirmed that these requirements apply to virtual currency exchanges and wallet providers in the same manner they have long applied to banks and money transmitters processing wire transfers.
For transactions of $3,000 or more, Webot is required to collect and record information such as the wallet address, the type of wallet involved (hosted or self-hosted), and, where applicable, the name and address of the other party to the transaction. Where the transaction involves another financial institution or VASP, Webot may also be required to transmit this information to that institution as part of our Travel Rule compliance obligations.
This requirement is not unique to Webot. It applies uniformly across regulated U.S. financial institutions and is designed to support the detection and prevention of money laundering, fraud, and other financial crimes. Webot collects only the information required by law and handles it in accordance with our Privacy Policy.