If you deposit cryptocurrency into your Safello wallet, you may need to verify the deposit before it is processed. This requirement stems from 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 financing criminal activities. It mandates that financial institutions, including Safello, collect and report certain information about the sender and receiver during crypto transactions. You can read more about the Travel Rule here: Travel Rule – Questions and Answers.
How Do I Verify My Deposit?
To complete your deposit, you may need to provide additional information. Start by navigating to the deposit section under "Wallet" and then "Transactions/All Transactions". From there, follow the steps in the app or on the website by providing the following details:
Sending wallet information – for example, an external wallet or another crypto exchange.
Information about the sender – such as whether the sender is an individual or a company.
What Happens If I Can't Verify My Deposit?
If the verification is not completed, the deposit may not be processed. Therefore, it's crucial to follow the instructions and complete each step. If you have further questions, please contact our support team, and we will assist you further!