At VALR, we are committed to protecting our customers and the financial system from misuse. As part of this effort, we comply with global regulations, including the Travel Rule.
What is the Travel Rule?
The Travel Rule is a global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirement issued by the Financial Action Task Force (FATF), an international body that sets global standards and provides guidelines for countries and institutions, including Crypto Asset Service Providers (CASPs) like VALR.
The Travel Rule requires CASPs to collect and share information with other crypto asset service providers.
How does VALR comply?
VALR has partnered with Sumsub to uphold regulatory compliance, addressing specific Travel Rule regulations.
You can find more information about Sumsub, and the solution to the Travel Rule compliance here.
What information are users required to provide to comply with the Travel Rule?
- Recipient type
- Recipient's full name (if the recipient is an Individual)
- Company's registered name (if the recipient is a Corporate)
- Crypto withdrawal address
- Crypto wallet type (Exchange or Self-hosted wallet)
- Service provider (if Exchange is selected): This will be a list of exchanges such as Binance, Bybit, etc.
Data Privacy & Security?
At VALR we take your privacy and security seriously. To comply with the Travel Rule, we securely collect and transmit required information, such as names and wallet details using encrypted channels and industry-standard protocols.
This data is only shared with verified and compliant crypto asset service providers. We implement robust technical and organisational security measures. We apply strict access controls, store data securely, and follow global standards to ensure your information is always handled responsibly. Our Privacy Policy can be found here.
FAQs:
1. When does the Travel Rule come into effect?
The mandate to employ Travel Rule comes into effect on 30th April 2025.
2. What transactions will the Travel Rule be applied to?
All outgoing crypto transactions to non-VALR wallet addresses.
3. Is there a withdrawal limit after which I need to provide the information?
There is no minimum or maximum limit, all withdrawals to non-VALR addresses will be subjected to the Travel Rule.
4. Will I have to share the Recipient information every time, or does it get saved which can be used later?
You will be subjected to inputting the recipient information every time unless you save the information to the Address Book.
5. Will the Recipient information be saved for me to use later if the information was added to my Address Book before the Travel Rule came into effect on VALR?
From 16th April 2025, you will be able to add and save recipient information to your Address Book. This is an optional step before the Travel Rule is fully implemented on 30th April 2025. After this date, all addresses within the Address Book will require recipient information.
6. How can I add the recipient information for the wallet address saved on my Address book before 30th April 2025?
You can update the recipient information via the VALR website starting 16th April 2025. (This will be available on the Mobile app starting 30th April 2025)
7. Can I edit Address Book entries if I've been granted shared account access to another VALR customer's account?
No, shared accounts do not have access to edit Address Book entries. You would need to ask the owner of the main account to do this.
8. Is the Travel Rule a global requirement, or does it only apply to South African users?
It is a global requirement set out by the Financial Action Task Force (FATF), but the FIC in South Africa has made this a regulatory requirement for all regulated exchanges in SA. Some other countries with Travel Rule in place include: USA, UK, Zambia, Hong Kong.
9. Will my transactions be delayed due to the Travel Rule?
VALR processes withdrawals as fast as we reasonably can, taking into consideration the need to delay withdrawals under certain circumstances subject to our Compliance and Risk rules, including for purposes of Travel Rule requirements.
10. Can I still withdraw crypto to my own wallet (like MetaMask or Ledger)?
Yes, you can. You’ll need to indicate that it’s a self-hosted wallet during the withdrawal process.
11. How will the Travel Rule affect me if I am an API user?
To prevent any disruption as an API user, you are advised to update recipient information in your Address Book via the VALR website or app before initiating a crypto withdrawal via API.
If you require any assistance, or have any questions, please don't hesitate to reach out to our Support team here