Overview
The Travel Rule is an international regulatory framework designed to enhance transparency and security in financial transactions. It requires financial institutions and virtual asset service providers (VASPs) to collect and share specific information about the sender and recipient of crypto transactions to prevent illicit activities such as money laundering and terrorist financing.
To comply with the international Travel Rule regulations, we introduce important and mandatory updates to the withdrawals process and API functionalities. Please note, this is only the first iteration of Travel Rule updates, and additional changes are expected in the near future.
Changes in Withdrawals Interface
For users from the EEA region, additional information will now be required when making a crypto withdrawal. The following fields must be completed:
- Destination Platform: Specify the platform to which the funds are being sent.
-
Receiver Type: Indicate whether the receiver is an Individual or a Legal Entity.
- If Individual: Provide the receiver’s First Name and Last Name.
-
- If Legal Entity: Provide the Entity Name and Entity Address.
These fields ensure the required information is captured during the withdrawal process, aligning with compliance standards.
API Updates: Travel Rule Object
For users utilizing the private API for withdrawals, a new “travel_rule” object has been introduced. This object must include the following parameters:
{
"travelRule" : {
"type": [individual, entity], // receiver type
"vasp": <string>, // destination platform (VASP) name
"name": <string>, // if individual - first_name ; if entity - entity_name
"address": <string> // if individual - last_name ; if entity - entity_address
}
}
This structured data is essential for ensuring compliance with the Travel Rule when using API v4 withdrawal methods.
And here's an example of a full request body (for Travel Rule) raw for:
- Individual
{
"ticker": "BTC",
"amount": "0.5",
"address": "bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh",
"uniqueId": "24529046",
"travelRule": {
"type": "individual",
"vasp": "Binance",
"name": "John",
"address": "Doe"
},
"request": "{{request}}",
"nonce": "{{nonce}}"
}
- Legal entity
"ticker": "BTC",
"amount": "1.2",
"address": "bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh",
"uniqueId": "24529047",
"travelRule": {
"type": "entity",
"vasp": "Kraken",
"name": "Acme Corp",
"address": "123 Business Street, London, UK"
},
"request": "{{request}}",
"nonce": "{{nonce}}"
}
For more details, please refer to the API documentation.
Why These Updates Are Necessary
The Travel Rule is an international standard requiring financial institutions and exchanges to collect and share certain information about the originators and beneficiaries of transactions. These updates ensure that we remain compliant with these regulations, fostering transparency and security across the crypto ecosystem.
Frequently Asked Questions (FAQs)
What happens if I don’t provide the required information?
Without the mandatory details, your withdrawal request may be delayed or rejected until all necessary fields are completed.
Do these changes apply to all users?
Currently, these updates apply specifically to users from the EEA region.
Are these changes applied to all types of withdrawals?
No, these changes are applied only to crypto withdrawals. Fiat withdrawals remain unaffected.
Support
In case of any questions related to the functionality of our exchange, you can:
- Leave a request on our website;
- Write to the support email: support@whitebit.com;
- Write to the chat using the button
in the lower right corner of the screen (in the upper right corner of the WhiteBIT app, click
).