Understanding the Crypto Travel Rule at Webot EU
Travel Rule Effective Date: December 30, 2024
As part of our commitment to providing a secure and compliant trading environment, Webot EU adheres to the European Union’s regulatory standards for crypto-asset transfers, commonly known as the “Travel Rule”.
This page explains what the Travel Rule is, how it affects your deposits and withdrawals on Webot EU, and what information you need to provide.
What is the Crypto Travel Rule?
The Travel Rule is an international standard established by the Financial Action Task Force (FATF) to combat money laundering and terrorist financing in the virtual asset space.
In the European Union, it is implemented through Regulation (EU) 2023/1113 and operates alongside MiCAR (EU) 2023/1114. Under these regulations, Crypto-Asset Service Providers (CASPs) like Webot EU are required to collect, verify, and transmit specific information about the sender (originator) and recipient (beneficiary) for crypto-asset transfers.
Which Transactions Are in Scope?
The Travel Rule applies to transactions involving Webot EU accounts and external addresses. This includes:
- Transfers between Crypto Exchanges (CASP-to-CASP): All transfers are in scope, regardless of the transaction value. There is no minimum threshold.
- Transfers involving Private (Self-Hosted) Wallets: Transfers to or from private wallets (e.g., MetaMask, Ledger) are in scope. If a transfer or series of linked transfers exceeds the regulatory threshold, Webot EU is legally required to verify that you own or control the private wallet.
How Does This Impact Your Transactions?
To comply with these regulations, you may be prompted to provide additional details when transferring crypto-assets in or out of your Webot EU account.
1. Making Withdrawals (Sending Crypto)
When sending crypto-assets from your Webot EU account, you will be asked to:
- Indicate whether you are sending to a cryptocurrency exchange/service provider or a private (self-hosted) wallet.
- Provide the Full Legal Name of the beneficiary (the person receiving the crypto-assets).
- For private wallets: You may be required to verify ownership or control of the receiving wallet, for example through a cryptographic signature. For transfers exceeding €1,000, Webot EU is required to verify ownership or control of the self-hosted address.
2. Making Deposits (Receiving Crypto)
When receiving crypto-assets into your Webot EU account, you may be asked to:
- Indicate whether the crypto-assets were sent from a cryptocurrency exchange/service provider or a private (self-hosted) wallet.
- Provide the Full Legal Name of the sender (the person who sent the crypto-assets).
- Provide the name of the sending exchange/service provider, where applicable.
- If the required Travel Rule information is not received with the transfer: Your deposit may be temporarily placed pending while we obtain and verify the required information. You may be asked to provide additional information about the sender or source of the transfer before the crypto-assets can be credited to your account.
Information for Partner VASPs / Exchanges
Webot EU is fully compliant with EU Travel Rule requirements. We are actively working to establish secure, compliant connections with other global Crypto-Asset Service Providers (CASPs) and Virtual Asset Service Providers (VASPs).
To our industry partners: Webot EU can receive and send Travel Rule data. To establish a compliant Travel Rule connection, configure protocols, or resolve a user’s transfer block, please contact our Travel Rule team directly at: ✉️ travelrule@webot.eu
(Note to Webot EU users: If you are having trouble withdrawing to a specific exchange because they are not yet connected with us, please provide them with the email address above so we can establish a connection).
Frequently Asked Questions (FAQs)
Q: Why is my deposit locked or under review? A: Under EU Travel Rule Regulation, Webot EU is legally required to hold incoming transfers that arrive without mandatory Travel Rule details. When this happens, we will notify you to submit the missing sender information. Once submitted and verified against our compliance standards, your deposit will be released to your account. If the required information cannot be verified or provided, we may be legally required to reject or return the funds to the sending source.
Q: What happens if my withdrawal to another exchange is rejected? A: If the receiving provider rejects your transfer (due to a name mismatch, missing data, or incompatible Travel Rule systems), your assets will remain safe and will not be sent. We will notify you via email, and you can initiate the withdrawal again, ensuring all recipient details are completely accurate.
Q: If I deposit money from another exchange and encounter a name mismatch failure, what should I do? A: Verify that the name registered on the sending exchange exactly matches your verified identity details on Webot EU. If there is a slight discrepancy (e.g., missing middle name), it may cause a delay. Contact Webot EU customer support for assistance in resolving the mismatch.
Q: How do I verify my private wallet? A: If requested, you can verify your private (non-custodial) wallet address via a Cryptographic Signature. You will be prompted to connect your private wallet with Webot EU and sign a message to mathematically prove that you control the address.
Q: Can I save Travel Rule information for frequent transfers? A: Yes. When you send cryptocurrency to a new address, you can save the address and its associated Travel Rule information to your Webot EU Address Book to make future transfers seamless.
Q: Is my personal information safe? A: Absolutely. Webot EU strictly processes all personal data in accordance with the EU General Data Protection Regulation (GDPR) and applicable financial services laws. Data is securely transmitted via industry-standard encrypted networks and is shared exclusively for ≈ Travel Rule obligations and processed strictly for anti-money laundering compliance. Travel Rule data is strictly prohibited from being used for commercial or marketing purposes.
For further assistance with pending transactions or Travel Rule compliance, please visit your “Pending Payments” dashboard or contact Webot EU Customer Support.