What is the Travel Rule?
The Travel Rule is a set of regulations, originally established by the Financial Action Task Force (FATF) and implemented in South Africa through the Financial Intelligence Centre (FIC). The regulations require financial institutions such as AltCoinTrader to exchange information about the originators and beneficiaries of funds transfers. In essence, it aims to bring greater transparency to transactions, helping to prevent money laundering, terrorist financing, and other illicit activities.
When will the Travel Rule come into effect in South Africa?
The Travel Rule is set to take effect as of 30 April 2025.
Why is this being implemented in South Africa?
South Africa is adopting the Travel Rule to align with international standards and to strengthen its regulatory framework around crypto assets. This move aims to:
- Combating Financial Crime: The Travel Rule enhances the ability to track and trace crypto asset transactions, making it more difficult for criminals to use them for illegal purposes.
- Regulatory Compliance: Compliance with the Travel Rule is increasingly becoming a global standard. By implementing it, South Africa demonstrates its commitment to participating responsibly in the global financial landscape.
- Increased Security: These regulations will ultimately provide a safer environment for you to transact in crypto assets.
What coins will the Travel Rule apply to?
Transactions on all coins will require you to fill out the required questions to comply with the Travel Rule.
What information will AltCoinTrader be sharing with other exchanges?
AltCoinTrader is required to share the following information with receiving exchanges:
- Your full name
- Your ID/passport number
- Your reference number
- Your proof of address
Checking Your Deposit Status
To see if your deposit has been received but not yet credited, go to the History tab in your menu and select Pending Deposits.
If your details are correct and your account is verified, your deposit will automatically be verified
Important Notes:
Crypto deposits will not be credited until your account has been verified and upgraded to Level 2.
Deposit Status Indicators:
🟡 Yellow Exclamation (!):
Your deposit has been received, but your account needs to be verified before the funds can be credited.
🔴 Red Exclamation (!):
A potentially suspicious or high-risk deposit has been detected. Please contact Support for assistance.