FAQs about the Travel Rule

FAQs about the Travel Rule

🌍 What is the Travel Rule?

This article answers common questions about the Travel Rule and how it may affect you as a Coinhako user.

1. What is the Travel Rule?

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 two service providers (like crypto exchanges), the sending platform must share basic identity information about the sender and recipient with the receiving platform β€” securely and immediately.
This rule applies only to licensed platforms like Coinhako, not to private individuals transacting on their own.

2. How does the Travel Rule affect Coinhako users?

The way you buy, sell, or swap crypto on Coinhako does not change. 
However, if you send or receive crypto from other wallets or crypto exchange platforms, you'll need to provide some extra information:
For transaction 1,500 SGD or below: 
You must provide: 
  1. Sender or recipient's full name
  2. Wallet, Exchange, or Service provider name
For transaction above 1,500 SGD
You must also provide:
  1. If an individual: Residential address or ID/Passport number
  2. If a business: Business address or Business registration number.
Note: If you only trade within Coinhako and don’t transfer funds in or out, no action is required.

3. Does Coinhako provide a list of restricted exchanges?

Coinhako does not publish a fixed list of high-risk or sanctioned platforms, as regulatory statuses change frequently. 
We recommend staying informed and doing your own research when using external platforms.

4. How to verify pending deposits?

For deposits 1,500 SGD or below: 
  1. Go to 'Transaction History', choose 'Wallet'
  2. Select the deposit marked 'Verification needed'
  3. Tap 'Verify sender details'
  4. Specify who made the transfer:
    1. Choose 'Myself' if you made the transfer
    2. Choose 'Someone else' if another person sent it
  5. Enter the Sender's full name and Wallet/Exchange name
For deposits over 1,500 SGD
Follow the same steps, and also provide:
  1. If the sender is an individual, please provide their residential address or ID/Passport number.
  2. If the sender is a business entity, please provide their business address or business registration number.

5. How to verify recipient details (for crypto withdrawals)?

You must enter recipient details when adding a new receiving address to your Address Book before making a withdrawal. 

6. What if my deposit is rejected?

All transfers are reviewed based on Coinhako's internal policies. 
If your deposit is rejected, you may request a refund. Please note that a network withdrawal fee will apply - this is not charged by Coinhako, but required to process the transaction on the blockchain.

βœ… Ready to Go?

Once you've verified your details, you're all set.