What is Travel Rule, and how does it affect you?

Introduced in June 2019 by global regulators, the Travel Rule is designed to prevent money laundering and terrorism financing in the cryptocurrency space.

Under this rule, when cryptocurrency is transferred between platforms, basic identity information must be shared about the sender and recipient. 

How does the Travel Rule affect me?

The way you buy, sell, or swap cryptocurrency on Independent Reserve remains unchanged. 

When you deposit or withdraw cryptocurrency to/from other wallets or exchanges, you’ll need to provide specific details.

You can refer to this guide for detailed instructions on depositing and withdrawing to an external wallet.

Discovered funds that may belong to you

Important: Before sending or receiving crypto, please ensure that the information between the sending and receiving wallets matches.

If you received a support message about funds that could potentially belong to you after trying to deposit crypto into your Independent Reserve account, it could be due to the following reasons: 

1. Your information does not match the sending wallet, i.e. the sending wallet belongs to someone else
2. Slight difference in name on the sending wallet, i.e. the name on the sending wallet contains hyphens, commas, special characters, etc.

In such situations, please reply to the support message with the requested information, and you will receive a refund.

I sent my crypto, but I don’t see them in my receiving wallet

Important: Before sending or receiving crypto, please ensure that the information between the sending and receiving wallets matches.

If you tried sending funds from your Independent Reserve wallet to your external wallet or a different exchange, but did not receive them, it could be due to the following:

1. Your information does not match the receiving wallet, i.e. the wallet belongs to someone else
2. Slight difference in name on the receiving wallet, i.e. the name on the receiving wallet contains hyphens, commas, special characters, etc.
3. Destination VASP/crypto exchange rejected the transaction, i.e crypto was sent successfully from Independent Reserve but not received in the destination wallet.

In the first two situations, you will receive a support message requesting more information. Please reply to the message, and you will receive a refund. 

If you were able to send your crypto successfully from Independent Reserve, but did not receive it on the destination VASP/crypto exchange, please contact their support for assistance. 

Depositing and withdrawing to a third-party external wallet

Important: It is paramount that you enter the correct external wallet address. We cannot reverse the transaction sent to a crypto address that Independent Reserve does not manage.

Currently, we cannot accept crypto from third-party external wallets that do not belong to you. Such crypto assets will be returned to the original wallet from which they were sent.

Similarly, you will not be able to send crypto to third-party external wallets that do not belong to you.