Travel Rule overview
To comply with global anti-money laundering (AML) regulations, specifically the Travel Rule (see https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1113), Request Technologies UAB must collect a set of information about the sender and the receiver of all Crypto-to-Fiat payments. This includes verifying the ownership of unhosted wallets (i.e. self-custody wallets like MetaMask, Ledger, etc.).
To ease your experience, we use Sumsub to verify your ownership of unhosted wallets used for crypto-to-fiat payments. The process ensures the wallet belongs to you and is safe to use for payouts. You only need to verify your wallet once, and it’s completely free. This requirement comes from FATF guidelines (Recommendation 16) and is increasingly being enforced by regulators worldwide.
What is the Travel Rule, and why does it matter?
The Travel Rule is a regulatory requirement that mandates the sharing of certain user information between service providers during crypto transactions. Its goal is to prevent money laundering and terrorist financing by increasing transparency.
Which wallets are considered “unhosted”?
Unhosted wallets are self-custodial wallets that are not managed by a centralized exchange or service provider. Examples include MetaMask, Ledger, and Trust Wallet.
How long will verification take?
Verification typically takes 1-2 minutes. You simply choose your unhosted wallet provider, open your wallet, and click the “Confirm” button. The process is similar to verifying a payment card in your banking app.
Do I need to verify the wallet once or every time I send funds from it?
You only need to verify your wallet once. After a successful verification, the wallet is linked to your identity and can be used for future transactions without repeating the verification process, unless you switch to a new wallet.
Can I verify multiple wallets under the same identity?
Yes. You can verify more than one wallet under the same identity. Each wallet will need to go through its own one-time verification process.
Can I verify my wallet in advance, before the first transaction?
Not yet. Wallet verification is only initiated during the first transaction involving an unhosted wallet. You will be prompted to complete verification as part of that process.
Will verification affect my transaction limits?
No. Wallet verification is a compliance step and does not change your transaction limits or access levels.
Is wallet verification available 24/7?
Yes. Wallet verification is an automated process and is available at any time, including weekends and holidays.
Is there a fee for wallet verification?
No. There are no fees for verifying your wallet. The process is free and provided as part of compliance requirements.
How will my wallet information data be processed, and with whom can it be shared?
Your wallet verification data will be processed in accordance with the applicable data protection laws, including Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation – GDPR). This information may be shared solely with regulated entities involved in ensuring compliance with the Travel Rule. Your data will not be sold or used for marketing purposes under any circumstances. All information is encrypted and securely stored, with strict access controls in place to ensure confidentiality and integrity.
My jurisdiction does not have a Travel Rule requirement. Do I still need to verify my wallet?
Yes. Even if your country doesn’t require Travel Rule compliance, Request Technologies UAB is based in Lithuania, and as such, must comply with EU Travel Rule regulations. This applies to all users, regardless of their location.
If you have any concerns about the wallet verification process, please reach out to [email protected].