FAQ about International Transfer Rules (Travel Rule)

Q: What are international transfer rules?

The Travel Rule is an internationally recognized standard aimed at combating cryptocurrency-related crimes such as money laundering and terrorist financing. It requires digital asset service providers (VASPs), like OKX, to disclose customer data for digital asset transactions above a certain amount. By implementing the Travel Rule, we aim to enhance the transparency of cryptocurrency transactions, making them as traceable as those in traditional Grow.

Q: How do international transfer regulations affect me?

We will gradually implement transfer rules, and only specific customers in certain scenarios will be affected. If you happen to be in such a scenario, you will need to provide the recipient's name and relevant information about the receiving address when withdrawing funds (such as whether the address is a personal wallet or an Exchange account). In addition, to meet necessary compliance standards, we may require additional supplementary information.

Q: What information is required for international withdrawals (transfers)?

When making a withdrawal, you need to provide the recipient's name and relevant information about the receiving address (such as whether the address is a personal wallet or an exchange account). In addition, to meet necessary compliance standards, we may require additional supplementary information.

Q: What should I pay attention to when depositing (receiving a transfer)?

Before receiving a transfer, you should inform the sender of your legal name used for identity verification, and let them know whether the address you are using is a personal wallet or an exchange account.

Q: Do I need to provide information every time I make an international transfer?

After your withdrawal is successful, we will automatically record the information you provided and associate the recipient information with the receiving address. Therefore, for subsequent transfers to the same address, you do not need to provide the recipient information again.

Q: What happens if I provide incorrect information during an international transfer?

If you provide incorrect recipient information, your withdrawal may be rejected and your assets will be returned to your account. At the same time, we will notify you of the withdrawal failure via email. If you wish to proceed with the withdrawal, you will need to initiate a new withdrawal transaction and provide accurate recipient information again.

For more detailed information about international transfer rules, please refer to here.

Q:If you are withdrawing to a private wallet

1. Why do I need to verify ownership of my private wallet?

We strive to comply with both local and global requirements. If you are in a regulated region, you will need to verify your personal (non-custodial) wallet address. This helps provide a safe and responsible platform for everyone.

2. How do I authenticate my private wallet?

You can verify your private wallet address through cryptographic signature. You need to connect your private wallet to OKX and sign to prove that you own the address.

3. Why did my private wallet authentication fail?

Please make sure that the withdrawal address matches the address you used for signing. If you encounter any issues, we recommend importing your private wallet into OKX Wallet and then using OKX Wallet to sign. You can find more information here on how to create/import a wallet.

Q: If you are depositing crypto to OKX

1. If I deposit crypto from another exchange (such as Upbit) to OKX and the Travel Rule verification fails due to a name mismatch, what should I do?

Before making a deposit, you can verify whether the information provided by the sender matches your identity authentication details on OKX. Occasionally, errors may occur due to incorrect name entry, which can lead to verification issues. If you are unsure about your identity authentication information on OKX, please contact OKX customer service for assistance.

2. What additional information do I need to provide for deposits locked due to travel rules?

When receiving a transfer, you should share your legal name with the sender, as well as whether you are receiving the transfer from a private wallet or a cryptocurrency exchange.

3. If there is no Travel Rule information, can I still receive cryptocurrency from a transaction?

Your deposit may be locked until you provide the information of the withdrawal party. After you provide the additional information, your deposited assets will be credited to your account.

4. What happens if I don't provide the initiator's information?

According to your local laws and regulations, your deposit may be locked until you provide relevant information about the person who sent you the funds.

5. Why is my deposit under review?

OKX will periodically flag transactions for review. The review process depends on various factors and is aimed at protecting our users from bad actors in the industry. OKX understands that these processes may be frustrating, but protecting our users' assets is necessary.