Wirex enables customers to initiate crypto withdrawals and receive deposits 24/7, providing constant access to their digital assets. Each transaction undergoes security checks in line with the Travel Rule, ensuring safe and compliant transfers.
The Travel Rule is crucial for enhancing transparency in the cryptocurrency space, as it mandates the collection and sharing of specific information about both the sender and recipient. By complying with these regulations, Wirex helps prevent money laundering, terrorist financing, and other illicit activities. Upholding these standards safeguards your assets and fosters trust in the broader crypto ecosystem.
Sending crypto
1. Providing additional information when sending crypto to Custodial Wallet
A custodial wallet is a type of wallet where a third party, such as an exchange or financial institution (e.g. Binance, Gate.io, MEXC) holds and manages the private keys on behalf of the customer.
When sending cryptocurrency to a custodian, you'll need to provide the following information:
Recipient's wallet type
Recipient's full name
Recipient's exchange name (if not sending to a self-custody wallet)
2. Providing additional information when sending crypto to Non - Custodial Wallet
A non-custodial wallet (e.g. Trezor, Trust, Exodus) is a wallet where the customer controls the private keys, rather than relying on an exchange or financial institution to hold them.
When sending cryptocurrency to a non-custodial wallet, you may need to provide the recipient's full name.
If you don't provide the information required under the Travel Rule, or make a mistake, your transaction may be delayed or canceled. If there's an error in your submission, our support team may reach out to double-check.
Receiving crypto
1. Providing additional information when receiving crypto
To access your crypto deposit, you may be required to provide information about the sender if the transaction comes from outside of Wirex. Please ensure this information is provided before you can complete the deposit process.
2. Providing additional information for both deposit and transfer flows
1. You may see the notification banner on the Home screen
2. Click on the banner to access the list of pending transactions that require your attention
3. Select the needed transaction to be verified
4. Click 'Start' button on transaction details screen
5. Click on the 'Open the link' button to proceed with further verification
6. You will need to proceed with setting up the required information
FAQ
1. What is the Travel Rule for crypto transactions?
The Travel Rule is a regulatory requirement designed to prevent money laundering and other illicit activities. It mandates that certain information about the sender and recipient of cryptocurrency transactions be shared between financial institutions or virtual asset service providers (VASPs) when transferring amounts above a specified threshold.
2. Do I have to provide the data about the counterparty each time I initiate a withdrawal?
If you already completed the withdrawal check, your address is added to a whitelist, so any subsequent attempt won't require any additional checks.
3. What if I don't see the custodial wallet listed during the withdrawal?
Please reach out to our customer support team .
4. How does the Travel Rule affect my transactions?
If your cryptocurrency transaction falls under certain conditions (e.g. threshold), we may need to collect and share certain details, such as your name, account details, and the recipient's information. This process helps us comply with international regulations. For most transactions, there is no noticeable impact.
5. What information will you collect and share?
For transactions subject to the Travel Rule, we may need to collect:
Your full name
Your account details (e.g., wallet address)
The recipient's name and wallet address
This information is only shared securely with the recipient's service provider as required by law.
6. Is my personal information safe under the Travel Rule?
Yes, your privacy and data security are our top priorities. We share information only with the recipient's regulated service provider, ensuring compliance with data protection and privacy laws. Your information is not shared beyond what is necessary for compliance.
7. What happens if the recipient doesn't comply with the Travel Rule?
If the recipient's service provider is not compliant with the Travel Rule or does not accept the required information, the transaction may be delayed or rejected. We recommend checking if the recipient's provider supports Travel Rule compliance before initiating large transactions.