Learn More About the Travel Rule Regulation

 

Bittrex has implemented controls in compliance with the Bank Secrecy Act regulation commonly known as the “Travel Rule.” The Travel Rule requires all financial institutions to pass on certain information to the counterparty financial institution, in certain funds transmittals involving more than one financial institution. Virtual Asset Service Providers (VASPs) such as Bittrex and other cryptocurrency exchanges must transmit required originator information for cryptocurrency transactions subject to the rule.

What is the Travel Rule?

When someone sends cryptocurrencies above the designated threshold between VASPs, the Travel Rule requires the initiating VASP to pass to the receiving VASP.  When Bittrex is required to do this for qualifying transactions, the information will be transmitted securely and automatically and will not require any additional action by you. 

Why is Bittrex doing this?

The Travel Rule is a regulatory requirement, prescribed by FinCEN, for all VASPs operating in the United States.  It is also a requirement in most global locations where cryptocurrency is regulated, as prescribed by the Financial Action Task Force (FATF).

Does this apply to my transactions on Bittrex?

Yes. Bittrex supplies required information to participating VASPs for transactions that qualify under the Travel Rule regulation. 

How does this impact my use of Bittrex? 

In most cases, you will not notice a difference, as this transfer of information happens automatically. However, some cryptocurrency deposits subject to the Travel Rule may be held for up to 48 hours while we await information from the sender. 

If you have a pending deposit, it will be reflected in your Bittrex account with a “verifying sender” message.  Once the details are verified, your deposit will move to confirmed status. 

I don’t live in the United States, am I still subject to this regulation?

Yes. All transactions to and from Bittrex that qualify are subject to the Travel Rule requirements.

What happens if I don't see my funds after 48 hours?

If you have waited more than 48 hours for a deposit deposit to be credited to your Bittrex account that was held due to Travel Rule verification, create a ticket with our support team here to investigate.

If you have sent funds from Bittrex to another VASP and they have not been credited to that account you will need to reach out to the exchange or wallet provider where the funds were sent. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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