The EU Travel Rule is a European regulation aimed at enhancing transparency and preventing financial crime in crypto transactions. As of 30 December 2024, we’re implementing changes to crypto deposits and withdrawals for customers in the EEA.
How will this affect You?
The EU Travel Rule applies to crypto transactions, requiring information sharing between parties for added security.
EU Travel Rule for transactions €1,000 or less
Compliance is simple for transactions up to €1,000. You’ll need to provide:
Recipient's full name.
Crypto service provider name: identify the name of the exchange (centralized or decentralized) or non-custodial wallet and include it in the transaction description.
Where to add recipient's details?
The Recipient's full name and Crypto service provider name must be included in the "Add description" section to ensure your crypto transaction is processed smoothly.
EU Travel Rule for transactions above €1,000
For transactions exceeding €1,000, additional compliance measures are required based on the type of wallet or platform:
For non-custodial wallets:
Ownership verification is mandatory.
You can verify the wallet using methods such as a Video proof or a Satoshi Test.
For centralized exchanges:
Provide all required details for the recipient's exchange, including their full name and the exchange's name (VASP).
To verify your wallet and ensure compliance for large transactions, follow the steps outlined below.
How do I verify my private wallet?
You can verify your private wallet address in two ways:
Satoshi test: a verification process on our platform that involves sending a random amount of crypto to a designated address within a 90-minute window to confirm ownership.
Video Call: you will need to schedule a call with our support team, show your face for identity verification, and share your screen to prove wallet ownership. For regulatory purposes, the call will be recorded.
For more information on how to whitelist your wallet, please click here.
What you need to do for EU Travel Rule compliance
Provide necessary information: include the recipient’s full name (e.g. Jonas Jonaitis) and crypto services provider name (e.g. Wickie) in the transaction description.
Verify wallet ownership: for private wallets, complete a cryptographic signature or Satoshi test if required.
Ensure name accuracy: match sender/recipient names with verified names on the platform.
Contact for assistance: for help, email travelrule_aml@wickie.io with transaction details.
Transactions won’t be processed if You:
Skip required information
Failing to provide necessary details will result in your transactions not being processed.Use non-compliant exchanges
Deposits to exchanges that don’t meet EU Travel Rule requirements won’t go through. Contact the exchange to ensure compliance before initiating the transaction.Enter mismatched names
Incorrect name entries will cause verification failures. Always double-check names to ensure smooth processing.Sending crypto to another person
We do not allow crypto transactions to third parties. Please withdraw funds only to your own wallet.
Additional support
For any issues related to EU Travel Rule compliance, wallet verification, or transaction delays, feel free to reach out to our customer support team.
The EU Travel Rule ensures safer and more transparent crypto transactions. By following these guidelines, you can continue transacting with confidence on Wickie.