As required by compliance regulation, when making a withdrawal from Bitfinex and sending your cryptocurrency funds to a Virtual Asset Service Provider (VASP) such as an exchange, specific information is sent for transactions of $1,000 or more in value to one or more Third-Party Services that provide Travel Rule compliance solutions and who make it available to VASPs, as required by the Travel Rule.
What is the Travel Rule?
The Travel Rule is a regulatory requirement for cryptocurrency transactions that aims to:
- prevent money laundering and financing of illegal activities;
- enhance transparency of transactions between VASPs;
- ensure legitimacy of transactions.
Until the 29th of November 2023 you will be provided with the option to send Travel Rule information for withdrawals of $1,000 or more in value when sending the funds to another VASP.
After the 29th of November 2023, you will have the option to send travel rule information for withdrawals under $1,000 in value. However, if the amount is equal to or higher than $1,000 in value, Bitfinex are required to send Travel Rule information alongside your withdrawal request.
What information is shared in the Travel Rule?
When sending cryptocurrency funds to another VASP, the following transaction and user data will be shared, as listed below:
| Transaction | Individuals’ Data | Entities’ Data | |
|
amount |
name | name | |
|
asset |
address |
address |
|
|
transaction hash |
government ID number (passport, national ID or driver’s license) | government ID (tax ID, legal entity identifier or registration number) | |
|
blockchain addresses |
date of birth | ||
|
identification of the beneficiary VASP |
|||
You can learn more about how Bitfinex processes your personal data and your data privacy rights in our Privacy Statement.
If you have any inquiries, please feel free to contact Bitfinex Support.
