Travel Rule Compliance
The Paxos platform supports Travel Rule as part of our Crypto Transfers product to ensure compliance with our regulators in certain geographies. The Crypto Travel Rule requires virtual asset service providers (VASPs) like banks, exchanges, custodial solutions, and financial services providers to identify and share details of the origin and destination of crypto transactions above a specific threshold, similar to how these details are shared between banks when making fiat wire transfers Entities onboarded to certain geographies must adhere to Travel Rule checks when depositing and withdrawing crypto to and from the Paxos platform.
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Crypto Deposit Travel Rule Requirements
Incoming deposits from a new or unrecognized crypto address might need to be explicitly resolved.
- For deposits from individuals, the sender's first and last name must be provided.
- For deposits from institutions, the institution name must be provided.
Deposits that we do not already have this information for will be held in a Pending state until it is provided. Once provided, we will credit the funds to your account.
Crypto Withdrawal Travel Rule Requirements
Crypto withdrawals can only be made to saved addresses that include beneficiary details. To transfer crypto off the Paxos platform, the recipient address must be hosted by one of the Virtual Asset Service Provider organizations.