In 2019, the Financial Action Task Force (FATF) extended its Travel Rule to apply to crypto transactions. This global regulation has now been implemented in Estonia, which means some updates were made on how you withdraw crypto from your Coinmetro account.
Here’s what you need to know and how it affects your crypto withdrawals.
📜 What Is the Travel Rule?
The Travel Rule is a regulation that requires Virtual Asset Service Providers (VASPs)—like Coinmetro—to share specific details about senders and recipients when processing crypto transfers above a certain threshold.
It’s similar to existing rules for traditional banks and money transfers, but applied to crypto.
🔍 The Travel Rule aims to:
Reduce anonymity in crypto transactions
Increase transparency between service providers
Help fight money laundering, terrorist financing, and financial crime.
🏛️ Why Is Coinmetro Affected?
As a regulated exchange operating in Estonia and across the EU, Coinmetro must comply with the Travel Rule as part of our legal obligations. This means we are required to collect, verify, transmit, and securely store information about both senders and recipients of crypto withdrawals.
💼 What Does This Mean for Your Withdrawals?
When you make a crypto withdrawal from your Coinmetro account, you may be asked to provide a few extra details, depending on the destination and amount.
You'll need to confirm:
🔹If you're sending it to your own wallet
🔹 If you're sending to a third party, the recipient's full name and wallet address
🔹 If you're sending it to another exchange or a personal wallet.
🔐 How We Protect Your Information
All the information you share is handled with the highest level of security and confidentiality. We only collect what’s legally required and never share your data unnecessarily.
✅ Summary
Coinmetro is fully compliant with the FATF Travel Rule to ensure your transactions are secure, transparent, and legal. While it may mean a few extra steps for certain withdrawals, it helps protect you and the broader crypto ecosystem from fraud and abuse.
Thanks for being part of a safer, more transparent future in crypto.
FAQs
❓ Do I have to provide this information for every crypto withdrawal?
Not necessarily. We’ll ask for details when the amount or destination requires it under Travel Rule guidelines.
❌ What happens if I don’t provide the requested information?
Your withdrawal won’t be processed until the required details are submitted. This is a legal requirement we must follow.
💸 Will this delay my withdrawal?
We aim to keep things fast and efficient. As long as the required information is provided accurately, there should be no delays.
❓ Is this only happening at Coinmetro?
No — all regulated crypto platforms in jurisdictions that enforce the Travel Rule must follow these requirements.