What does the Travel Rule mean for you as a BLOX user?
Starting in 2025, BLOX will be required to comply with the Travel Rule. This new European regulation targets crypto transfers and aims to prevent financial crimes such as money laundering and terrorist financing. But what does this mean for you, exactly?
What will change for you?
The Travel Rule requires that certain information be included when crypto is deposited to BLOX. This requires a few practical changes.
1. Additional information when depositing crypto
In the future, when you deposit crypto to BLOX, we will need to receive extra information from you. For individual users, this includes your full name, residential address, country of residence, and date and place of birth or the number of an official identification document, such as a passport or ID card. The crypto address you use with BLOX must also be included.
Are you depositing as a business user? The same requirements apply, with the addition of a Legal Entity Identifier (LEI) or a similar identification code.
Is the deposit coming from another crypto service provider? In that case, the crypto address or account number you use there must also be included.
2. BLOX checks your information
When you deposit crypto, we are required to check whether the submitted information matches what we have on file for you.
If we don’t yet have all the necessary details, we will ask you to provide them before you can make a new crypto deposit. This will mainly involve your residential address, which you can verify using one of the following documents (dated within the last 3 months):
- Bank statement
- Health insurance, energy, internet, or TV bill
- Letter from a government agency
- Extract from the Personal Records Database (BRP)
BLOX understands this is sensitive personal information and takes all necessary measures to handle your data securely. For more information on how we protect your data, please refer to our privacy statement.
3. Verification of self-hosted wallets
Are you depositing from a self-hosted wallet (such as a personal hardware wallet) and is the transaction amount over €1,000? In that case, we are required to verify that you are the owner of the wallet address.
To make this process as easy as possible, BLOX works with a third-party provider offering several options to verify your wallet address. BLOX will give you the option to confirm the wallet address yourself.
If your crypto transfer comes from another crypto service provider, you typically don’t need to take any action. BLOX will coordinate the data exchange directly with the provider you’re sending crypto from.