What is the Travel Rule and how does it affect me as a customer?

bitFlyer Europe - Travel Rule Update

bitFlyer Europe - Travel Rule Implementation

At bitFlyer Europe S.A., we are committed to maintaining transparency and compliance with evolving regulations. To this end, we would like to inform you about the implementation of the Travel Rule.

Regulatory Basis:

In June 2023, Regulation (EU) 2023/1113 came into force, extending FATF’s Travel Rule to Virtual Asset Service Providers (VASPs). It also amends Directive (EU) 2015/849, aligning VASPs with the same AML/CFT standards as financial institutions. The updated guidelines will apply from 30 December 2024 to all crypto-asset services in the European Union.

What is the Travel Rule?

The Travel Rule is a regulatory requirement (please see above) designed to enhance the security and transparency of cryptocurrency transactions. It mandates that certain information about the originator and beneficiary of cryptocurrency transactions must be collected and shared to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

How This Affects You:

As part of this implementation, bitFlyer Europe might require additional information from you when processing cryptocurrency deposits and withdrawals.

Personal Information Collection: We may request details about the origin and destination of your funds, including personal information, to ensure compliance with the Travel Rule.
Crypto Exchange or VASP Accounts: If the originating or destination account belongs to another exchange or Virtual Asset Service Provider (VASP), we might ask for specific information about these entities.
Self-Hosted Wallets: For transactions involving self-hosted wallets, you may be required to confirm certain details regarding the ownership or control of the wallet.

Transaction Processing Implications:

If we do not receive the requested information, your transaction may be delayed and/or cancelled. These measures are in place to ensure the security of your transactions and compliance with regulatory standards. Please refer to our Terms of Use for more information.

Third-Party Verification:

Please note that the information you provide will be verified using third-party services to ensure accuracy and compliance.

Most frequently asked questions

What is a private wallet?

Cryptographic Asset Management
This is a method of managing cryptographic assets by yourself using hardware (smartphone, computer, hard disk, USB, etc.) or software (Metamask, Bitcoin Core, etc.) without using a cryptographic asset exchange company.

Generally, this is a method in which the customer, the owner of the cryptographic assets, directly manages the private key, and is characterized by the ability to directly control the transfer of cryptographic assets.

Please contact the service provider for specific information on how to use this service.
What are IMX, AXS, SAND, MANA, XRP, CHZ, APE, DOGE, AVAX, SHIB, LINK, GRT, FLR, MASK, XEM, XYM, POL and PEPE?

If you wish to learn more about our listed crypto-assets, please check out our glossary here

What is a Data for Lisk?

"Data" is a value which serves as a way to differentiate certain LSK accounts. You may be required to enter "Data" when withdrawing Lisk to an external address depending on your external LSK address. The "Data" field is optional but if required by your wallet provider, your LSK will not be reflected in the receiving address without this "Data". Please ensure whether this field is required for your transaction before completing the transfer.

If your issue is not resolved, please contact us by using this inquiry form. We will respond as soon as possible.

FAQ