If you wish to withdraw and send cryptocurrency from your Safello wallet, you may need to provide additional information about the recipient before the transaction can be completed. This requirement is due to regulations and guidelines known as the Travel Rule.
What is the Travel Rule and Why Does It Affect Me?
The Travel Rule is a global regulation aimed at preventing money laundering and the financing of criminal activities. It mandates that financial institutions, including Safello, collect and report certain information about senders and recipients during crypto transactions. You can read more about the Travel Rule here: Travel Rule – Questions and Answers.
What Information Do I Need to Provide?
Similar to deposits, you may need to verify certain information when making withdrawals, such as:
Recipient's wallet address – Specify whether the address belongs to a crypto platform/exchange or if it is a private wallet or hardware wallet.
Recipient's details – Specify whether the recipient is an individual or a company, along with the recipient's information.
What Happens If I Can't Provide the Information?
If the required information is not provided, the transaction cannot be completed. If you have further questions, please contact our support team, and we will assist you further!