Cape Crypto is a registered Financial Service Provider with the FSCA (FSP 53746) and is required to comply with the Financial Action Task Force (FATF) Travel Rule as outlined in FIC Directive 9.
What is the Travel Rule?
The Travel Rule is an international regulatory requirement set by the Financial Action Task Force (FATF) aimed at combating money laundering and terrorist financing. It mandates Virtual Asset Service Providers (VASPs), such as Cape Crypto, to share information about the originator (sender) and beneficiary (receiver) of crypto asset transfers. This ensures transparency and traceability in crypto transactions.
How does the Travel Rule affect my deposits and withdrawals?
The Travel Rule specifically impacts crypto asset deposits and withdrawals. When initiating crypto transfers to and from Cape Crypto:
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Deposits: Incoming crypto transfers to your Cape Crypto account must include Travel Rule information (sender details). If this information is missing or incomplete, your deposit may experience delays.
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Withdrawals: When withdrawing crypto assets from your Cape Crypto account to another service or wallet, you must provide detailed beneficiary information, including the beneficiary’s full name and surname. Withdrawals to your self-hosted wallet (a wallet you personally control) can be marked as such, simplifying the information required. (This information is gathered when you create your beneficiary - and is only needed to be added once per beneficiary)
What do I have to do?
To ensure smooth transactions and compliance:
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When withdrawing crypto from Cape Crypto:
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When creating the beneficiary, ensure you input the correct information for the fields.
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If you are withdrawing to your personal, self-hosted wallet, select this option. (Ensure you are in fact sending to your own wallet, if you select this option and send to an exchange / wallet hosting platform, your funds may be lost)
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When depositing crypto to Cape Crypto:
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Ensure that the exchange or wallet provider that you send from complies with the Travel rule, and transmits the required travel rule info to us. Transactions without this information may experience processing delays.
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When sending from your own private (self-hosted) wallet, check your notifications for deposits received that require additional information via the app.
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Deposits that are received that do not have accompanying travel rule info will be placed on hold, while further information is gathered from you via in app notifications. This may substantially slow the processing of your deposit. (Regulations prohibit us from refunding / returning funds that have been sent without travel rule information, so please ensure your platform is Travel Rule compliant)
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Exchange processing Information
Exchanges and wallet providers should send Travel Rule information to the following email address:
Please include at a minimum:
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Transaction ID
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Account number
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Originator’s full name and surname, and physical address
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Receiver’s full name and surname, and physical address
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Originating VASP name, address, and local company registration number
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Follow an accepted TR protocol format in JSON
Prompt and accurate information will facilitate swift processing and compliance.