What is the Travel Rule?
The Travel Rule requires Crypto Asset Service Providers (CASPs), including exchanges, custodial wallet providers, and financial service platforms, to identify and share information regarding the originator and beneficiary of crypto asset transactions. It is a global anti-money laundering measure designed to enhance transparency and traceability.
What is a Crypto Asset Service Provider (CASP)?
A Crypto Asset Service Provider (CASP) refers to an entity that provides services related to crypto assets, including exchanges, wallet providers, and custodians. Within this scope, Bybit TR is also a crypto asset service provider.
What are Crypto Assets?
According to international standards, crypto assets are digitally represented units of value that can be traded, transferred, or used for payment or investment, but do not have a physical form. Examples include cryptocurrencies, stablecoins, utility or usage tokens, tokens that may qualify as securities, and NFTs.
Why is the Travel Rule necessary?
The Travel Rule is implemented to combat money laundering and the financing of terrorism. By ensuring that crypto asset service providers obtain and share the required information during transfer transactions, it aims to enhance transparency, trust, and security within the crypto asset ecosystem.
Will Bybit TR implement the Travel Rule?
Yes. We will collect certain information in relation to crypto asset deposit and withdrawal transactions. This requirement will apply to both individual and corporate customers transferring crypto assets to another crypto asset service provider or to personal wallets (for example, self-hosted wallets such as MetaMask).
How will this affect me as a Bybit TR customer?
In accordance with local regulations in Türkiye, users are required to submit a declaration regarding wallet ownership when making crypto asset deposits and withdrawals. After the requested information is provided, the verification process will be completed within 48 hours. Once the review is finalized, deposited assets will be credited to your Funding Account, and withdrawal transactions will be processed successfully from your account.
Does any amount of deposits and withdrawals require verification?
Yes, any deposit and withdrawal amount is subject to verification. The required information differs depending on the origin or destination wallet type of the deposit or withdrawal.
Do I need to do wallet address verification for all deposits and withdrawals, and what information is required?
Yes, you are required to provide the following information for all crypto deposits and withdrawals. The required information varies depending on the wallet type of origin or destination. Please refer to the table below for details.
Note: Please acknowledge that the information provided is true, accurate and complete by ticking the checkbox under the Travel rule verification window.
Is verification required when transferring between my Bybit TR and Global accounts?
You can use the Cross-Region Transfer method when transferring crypto between your Bybit TR and Bybit Global accounts. This transfer method does not require wallet verification and does not incur withdrawal fees. Please refer to this guide for more information.
When do I need to do wallet address verification?
You will need to do the wallet address verification when you receive deposits and make withdrawals in your Bybit TR account. To find the transactions that require verification, please go to the Deposit or Withdrawal History.
What should I do if my deposit and withdrawal are from or to another person’s wallet?
Please check with the originator or recipient to confirm their details, and ensure that all information provided is true and accurate to improve the success rate of the verification.
Why has my deposit or withdrawal not been processed after I submitted the verification information?
After you submit the required information, the verification process typically takes up to 48 hours to complete. During this period, your deposit or withdrawal will remain pending while our team reviews the details.
- You may click the Help icon to view the transaction status details.
- If the verification status remains pending for more than 15 minutes, you may click the Speed Up Verification button to expedite the verification process.
- Our relevant team will handle the verification accordingly once they receive your request. The result will be sent to your email inbox and via push notification.
Do I need to verify the same wallet address twice?
Once an address is verified, you will not need to verify it again for a certain period. However, you may be required to re-verify the wallet address if any information changes.
Can I cancel the Travel Rule verification for the deposit?
Yes. You can cancel the verification for your deposit when the verification is not submitted or reviewed.
On the web, go to the Deposit History page and click on the Help icon.
On the App, enter the deposit details page from the Deposit History page and click on the Cancel Travel Rule button.
After canceling, click on the Refund button to initiate a refund. A withdrawal window will pop up for you to enter refund details. Please ensure you provide the correct details, such as coin, chain type, receiving wallet address, and coin amount, before submitting.
Can I cancel my withdrawal?
Yes, you can cancel your withdrawal when the verification is in Pending status. If the Cancel button is grayed out, the request has progressed too far to be canceled.
What does “No Match Found Yet” mean for my withdrawal?
This can happen when the withdrawal destination has not found a match for the recipient information you provided. You can still submit your withdrawal request, and it will be processed once we receive a response from the destination exchange. Please refresh the page to check the latest status. You can cancel the withdrawal at any time during the process.
Why does it show “Information Match Failed” for my withdrawal?
This is because the recipient information you provided does not match the details from the recipient's destination. Please ensure you fill in the correct information to submit your withdrawal request.
What happens if my verification fails?
If your wallet address verification fails, you can resubmit the verification by clicking the Retry button. Ensure you correctly select the wallet type and enter accurate details (such as full name and originator/beneficiary data).
Can I request a refund to a different wallet if verification fails?
Yes, you can initiate a refund to a different wallet address if the verification fails. To initiate a refund, click on Refund for the desired transaction on the Deposit History page. A withdrawal window will pop up for you to enter refund details. Select the coin, chain type, and enter the receiving wallet address and the coin amount to initiate a refund.
Important: Double-check all refund details before submitting.
Will this information be shared with third parties?
The information will only be shared with other regulated VASPs involved in the transaction, as legally required, and will be treated with the utmost confidentiality. Bybit TR takes stringent security measures to prevent unauthorized persons from accessing customer data.