Withdrawals of Crypto Assets in Response to the Travel Rule

Thank you for using BTCBOX.

Please confirm the following information as we will start obtaining and storing information about the receiver when customers withdraw crypto assets on and after April 1, 2022 in accordance with the travel rule compliance.

Please note that if you do not cooperate with the following measures, you may not be able to withdraw your crypto assets.

Timing of Travel Rule Compliance

Friday, April 1, 2022

Customers subjected to the measures

All customers (individual and corporate)

New information to be obtained and stored

The following information will be newly obtained from the customer and stored by our Company when the customer makes a withdrawal of crypto assets.

Information about the receiver
  • Whether or not the receiver is the person making the withdrawal request
  • If the receiver is not the customer making the withdrawal request, information about the receiver’s name (or corporation’s name in case the receiver is a corporation), crypto asset address to which the money is to be withdrawn, and address
  • Whether or not the receiver is a Virtual Asset Service Provider (VASP)
  • If the receiver is a VASP, the name of the VASP
  • Information regarding the purpose of the transaction, etc.

What is the Travel Rule?

The Travel Rule is a rule that states, “A VASP that makes a withdrawal of crypto assets at the request of a user must notify the VASP on the recipient’s side to which the withdrawal is to be made of certain matters concerning the withdrawal requestor and the recipient.

This rule is one that the FATF requires national regulators to adopt in their International Standards on Anti-Money Laundering and Combating the Financing of Terrorism.

What is the purpose of the Travel Rule?

The purpose is to prevent terrorists and other criminals from freely using the electronic funds transfer system and to enable tracing of any unauthorized use of the system.

Information regarding the recipient’s address and the purpose of the transaction will be obtained from October 1st of this year.