The Travel Rule is a regulatory requirement for cryptocurrency exchanges and fiat on-ramps, like Topper, to collect transaction information for transfers exceeding specific thresholds. In most countries, this threshold is set at $3,000 USD or equivalent, while in Canada, it's $990 CAD. This rule aims to enhance transparency and combat illicit activities such as money laundering in the crypto industry.
How might this affect me?
When executing transactions above a certain size to a customer of another Virtual Asset Service Provider (VASP), you’ll need to provide at least the name of the beneficiary (i.e., the person to whom you are sending the assets), which we’ll then supplement, where required, with any details we hold, such as the destination account address.
We expect a wait of no more than 5 minutes for 98% of transactions while the information is verified between parties and committed to the blockchain, (or rejected). In the other roughly 2% of the cases, the receiving VASP may require additional information, delaying the transaction slightly more.
What information is shared between partners?
The following data is shared between Virtual Asset Service Providers as a minimum, supplementing any additional details required by individual regulators:
- Sender and recipient names
- Sender's account number (crypto address)
- Account numbers of both sender and recipient.
Is my personal information protected?
Topper has partnered with Notabene to ensure Travel Rule Compliance. Our risk team has performed a thorough security and privacy assessment on Notabene to ensure that their security controls adhere to the highest security standards.
Notabene is SOC2 Type II certified.