Travel Rule FAQ

In accordance with the Regulation on Measures for the Prevention of Money Laundering and the Financing of Terrorism, cryptocurrency platforms operating in Turkey are now required to collect certain information during crypto deposit and withdrawal transactions.

Why is the Travel Rule being implemented?

The Travel Rule has been made mandatory for all cryptocurrency exchanges in Turkey by MASAK, starting from February 25, 2025, to prevent the laundering of illicit funds and the financing of terrorism. These regulations aim to enhance security and transparency in the crypto ecosystem. For more information about the Travel Rule on OKX TR, you can check our frequently asked questions.

At OKX TR, we're committed to implementing these updates in a way that'll have the least impact on your user experience.

How does the Travel Rule affect me?

The Travel Rule, effective from February 25, 2025, applies to all cryptocurrency deposit and withdrawal transactions made on the blockchain via OKX TR. Your buying and selling transactions will not be affected.

As of this date, when withdrawing crypto via OKX TR, you'll need to specify whether the transfer is to a personal wallet or a crypto exchange account. Similarly, when depositing crypto into OKX TR, you must indicate whether the transfer is coming from a personal wallet or a crypto exchange.

• Personal wallets

  • If you're withdrawing crypto to your own wallet, you'll be required to enter your full name and residential address.

  • If you're receiving a crypto deposit from someone else’s wallet, you must provide the sender’s full name and residential address.

• Crypto exchange accounts

  • If you're sending crypto to another exchange, you must select the relevant exchange and provide the recipient’s name as registered on that exchange.

  • If you're depositing crypto from another exchange into your OKX TR account, you must share your full name with the sender and indicate that your account is with OKX TR.

After completing your deposit/withdrawal transaction, you will see the statement "The total value of your locked assets in your account is xx.xx TRY" in the Assets section at the bottom of your app. To unlock your assets, click View Details and follow the steps below.

• Transaction thresholds and required information

  • For withdrawals and deposits below 15,000 ₺, the recipient’s (account holder’s) full name (or the business name if it is a legal entity) must be provided.

  • For deposits of 15,000 ₺ or more, the recipient’s full name and residential address (or business name and company address for legal entities) must be provided.

  • For withdrawals of 15,000 ₺ or more, only the recipient’s full name (or business name for legal entities) is required; address information is not needed.

Frequently Asked Questions (FAQ)

1. Does the Travel Rule change how I trade on OKX TR?

No, the Travel Rule only applies to crypto deposit and withdrawal transactions. Your Turkish Lira deposit/withdrawal and trading activities will not be affected.

2. Does the Travel Rule apply to internal transfers within OKX TR?

No, the Travel Rule only applies to blockchain-based crypto deposit and withdrawal transactions.

3. What happens if I don't provide the required information to OKX TR?

If you don't provide the required information, your transaction may not be processed. We recommend providing all necessary information to avoid issues.

4. What's a Personal (Private) Wallet?

A personal wallet is a self-custody wallet that's not managed by an exchange and is owned by an individual.

Examples include:

• OKX Web3 wallet

• MetaMask, Phantom

• Cold wallets and hardware wallets

5. Can I transfer crypto to a cold wallet / can I make transfers from my cold wallet?

Yes, but you may need to verify ownership of the cold wallet.

6. What should I do if I get a Travel Rule verification error because my name doesn't match when I make a crypto deposit from another exchange?

Ensure that the information provided by the sender matches your identity verification details on OKX TR.

If your name is entered incorrectly, you may receive a verification error. If you're unsure of your registered name on OKX TR, you can check the Turkish Lira (TRY) Deposit page to find your full registered name on OKX TR.

7. What should I do if the exchange I use isn't listed?

If the exchange you use isn't listed, you can manually enter the exchange's name without selecting it from the list and proceed.

8. What should I do if a crypto deposit is made into my account?

For crypto deposits made to your account, your balance will be temporarily frozen until you enter the sender's information.

During this period, your balance will be securely stored. To complete the transaction, you must provide the sender's details accurately.

Please note that these changes aim to make the crypto ecosystem more secure. We continue to work on all improvements to ensure that our users can complete their transactions in the most seamless way possible.

If you have any questions about this topic, you can contact our customer support team 24/7. We're here to assist you.