With increasing regulations surrounding virtual asset transactions, compliance with the Travel Rule is essential for both users and platforms. The Travel Rule aims to prevent illegal activities such as money laundering and terrorism financing by requiring virtual asset service providers (VASPs) to collect, store, and transmit key information about fund transfers. This article will guide you through why deposits may be locked on XREX Pay and how to resolve the issue while ensuring compliance. To learn more about the Travel Rule, please visit this article: What Is the Travel Rule and How Does It Impact Your Deposit and Withdrawal Process?
Why is my deposit locked?
To comply with the Travel Rule and ensure the continuity of our services, transactions are only allowed from/to the following sources:
A VASP compliant with the Travel Rule: We maintain an up-to-date list of supported VASPs. Currently Supported:
Upbit Singapore
Note: This list may be updated as additional VASPs are added.
A verified self-custody wallet: Your self-custody wallet must be validated on XREX Pay prior to making any deposits or withdrawals.
Please be aware that deposits from other sources will be temporarily locked. If your deposit is locked, additional information may be required. Follow the in-app instructions to complete the necessary steps and proceed with your deposit.
How to unlock your deposit?
To unlock your deposit, please follow these steps:
Open the XREX Pay app and click on Funds Locked in the top right corner.
Click on the transaction you wish to unlock.
Click on Provide Info.
Follow the instructions to complete the verification form and submit the required documents.
Rest assured that your assets are safe and secure while in a locked state.
What happens after submission?
Once you’ve submitted the required information, our team will review your details. This review typically takes 2-4 weeks. During this time, we ask for your patience as we ensure the highest level of accuracy and security in the process. You will be notified once your deposit is unlocked.
While this process may cause some inconvenience, it is crucial for maintaining the integrity and security of the digital asset environment. Verifying your wallet ownership helps prevent illegal activities and ensures that XREX Pay, along with its users, remains compliant with international regulations.
By providing accurate and timely information, you contribute to a safer and more compliant platform. Together, we can maintain a secure environment for all users on XREX Pay.
If you have any questions or require assistance, please don’t hesitate to contact our support team at support@xrex.sg. We are here to help guide you through the process.