The Travel Rule, established by the Financial Action Task Force (FATF) in 2019, plays a crucial role in the global fight against money laundering (“ML”) and the financing of terrorism (“FT”). This rule mandates that Virtual Asset Service Providers (VASPs) share specific information about the sender and recipient during virtual asset transfers. In Singapore, the Monetary Authority of Singapore (MAS) enforces this requirement through regulation PSN02 [Paragraph 13], aimed at enhancing transparency and addressing ML/FT risks. Under this regulation, additional counterparty information must be collected and, when applicable, shared with counterpart VASPs, either during or prior to the transaction.

Currently, XREX Pay supports deposits and withdrawals from the following sources:

Please note that deposits and withdrawals can only be processed through these approved sources. Any funds sent to or received from platforms or wallets outside this list may be temporarily blocked. To avoid interruptions, we recommend verifying your self-hosted wallet on XREX Pay and confirming if the VASPs you use are also compliant with the Travel Rule. Currently, Upbit SG is the sole VASP on the approved list, though we expect to expand this list in the future.

To comply with these regulations, XREX may be unable to process your crypto transfer if the necessary counterparty information is unavailable. In such cases, withdrawals may be blocked, or deposits held. For more information on how to resolve locked deposits, please refer to our article: What can I do if the deposit is locked?