Starting December 30, 2024, new regulations under the EU Transfer of Funds Regulation (TFR, aka the Travel Rule) will come into effect. These changes will impact crypto deposits and withdrawals from external wallets and exchanges.
If you only trade crypto directly on CoinMart and do not transfer to or from external wallets, this update will not affect you.
What is the Travel Rule?
The Travel Rule is part of the new EU regulation to increase transparency and reduce financial crime within the cryptocurrency industry. This rule requires crypto service providers like CoinMart to collect and verify specific details about the sender and recipient for crypto transfers.
How Does This Affect You?
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Crypto Transfers to and from Self-Hosted Wallets (Non-Custodial Wallets)
For crypto transfers over €1,000 to or from a self-hosted wallet (e.g., Ledger, Trezor, MetaMask, Phantom, Trust wallet, etc), CoinMart will be required to verify that you own and control the wallet address.
You can complete this verification by:
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Screenshot Upload: you can upload a screenshot of your wallet showing the wallet address clearly. Please note: screenshot verification may take longer due to manual checks. We are working on a solution and should be available to all users in the coming weeks.
Once verified, the wallet address will remain valid for all tokens sharing that address. If you’ve already verified a wallet after 30/12, no further action will be required to confirm ownership and control of the external wallet. However, please keep in mind that we might request additional details as part of our ongoing compliance efforts, such as proof of residency or Source of Wealth verifications.
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Crypto Transfers to and from Other Exchanges (Custodial Wallets)
When transferring crypto to or from another exchange or crypto service provider (also known as CASP), we may need to collect additional information from our users to comply with the Travel Rule.
At the start of 2025, crypto transfers between exchanges may experience temporary disruptions as service providers adapt to the new requirements. In the meantime, you can still transfer crypto using a self-hosted wallet. We will share more updates as these changes progress.
What Will Stay the Same?
These changes do not affect the following activities:
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Buying, selling, and swapping cryptocurrencies on CoinMart.
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EUR deposits and withdrawals.
The Travel Rule only impacts crypto transfers involving external hosted and non-hosted wallets.
We’re Here to Help
We’re committed to ensuring a smooth transition and will keep you informed of any further updates. If you have questions about wallet verification or the Travel Rule, visit our Help Centre or reach out to our Customer Support Team: support@coinmart.nl
Thank you for your understanding and for being a valued part of the CoinMart community.
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