Travel Rule Implement in Crypto Deposits and Withdrawal
In accordance with VASP regulations, starting February 24, 2025, the Travel Rule will be mandatory for deposit and withdrawal transactions on the KuCoin TR platform.
The Travel Rule, as stipulated under FATF regulations, aims to enhance the traceability of financial transactions by ensuring that specific information about both the initiating party and the recipient is transmitted through a network of financial intermediaries, thereby ensuring enhanced oversight and transparency. Details can be referred to: What is Travel Rule
Content
1. Details of the Implementation
3. Implementation on Withdrawal
1. Details of the Implementation
All Transactions: Every transaction will be conducted in compliance with Travel Rule standards.
Accuracy of Information: If the transaction details are incomplete or inaccurate, the transaction will not be processed; it will be either rejected or refunded.
2. Implementation on Deposits
All users would be required to fill in additional information for each deposits in compliance with Travel Rule standards.
There would be three status for your deposit which has checked by Travel Rule:
2.1 If approved by Travel Rule:
After the sending platform completed your transaction, you will find the deposit order at "Deposit History" page on KuCoin TR. Find the deposit order you just made and click Investigating to fill in information required by Travel Rule at "Additional Information Need" page, then click Submit.
Then your funds would be credited to your personal KuCoin TR account immediately.
2.2 If pending for manual review:
Normally, a deposit order will be completed from 30 minutes to 2 hours on the blockchain. If you did not find any deposit order at "Deposit History" page after 2 hours, probably your deposit order is under manual review, please contact our customer support.
2.3 If rejected by Travel Rule:
If you find that the status of your deposit order is “Frozen", which means that Travel Rule reject your transaction. We are afraid that your deposit order would not be credited into your KuCoin TR account. In this case, please contact our customer service support team for help.
3. Implementation on Withdrawal
All users would be required to fill in additional information for each withdrawal during withdrawal process in compliance with Travel Rule standards.
There would be three status for your deposit which has checked by Travel Rule:
3.1 If approved by Travel Rule
After you fill in all withdrawal details, complete security verification and click Submit. Then fill in the information required by Travel Rule at "Additional Information Need" page, then click Submit again. Your withdrawal request will then be processed.
Once approved by Travel Rule, your withdrawal order would be sent out immediately.
3.2 If Under Processing status
If you find that the status of your withdrawal order at "Withdrawal History" page is "Processing/Sent" for more then 30 minutes, please reach out to customer support for further assistance.
3.3 If rejected by Travel Rule
If you find that your withdrawal order was failed automatically, and when you check the failure reason is "Your Travel Rule verification has expired. Please restart the withdrawal process." , which means that Travel Rule reject your transaction. We are afraid that your withdrawal order would not be sent out.
We suggest that you may double check the beneficiary information filled in by you and try it again.
Important note:
In accordance with the MASAK legislation (Regulation on Measures to Prevent Laundering Proceeds of Crime and Financing of Terrorism - Article 24/A) that entered into force on 25.02.2025, it has become a legal obligation to obtain sender/recipient information in crypto transfers made through Crypto Asset Trading Platforms, and in this context, it has become mandatory to manual check some transaction. Your deposits and withdrawals might take up to 24 hours to process. We truly appreciate your understanding and patience
We hope this article has been helpful. If you have any other questions, please reach out to our customer support via online chat or submit a ticket.