As a regulated entity, Venga is required to follow all preventive measures aimed at combating financial crime. To ensure compliance, we may request additional information when processing transactions—particularly in connection with the “Travel Rule”.
The Travel Rule is an international regulatory standard that requires all Crypto-Asset Service Providers (CASPs) to exchange information about the sender and recipient of crypto transactions. The goal is to increase transparency and help prevent financial crimes such as money laundering and the financing of terrorism.
This requirement is based on Regulation (EU) 2023/1113, which governs information accompanying transfers of funds and officially introduced the Travel Rule within the European Union. Under this regulation, providers like Venga must collect information on both the originator and beneficiary (sender and recipient) of a crypto transaction.
A large number of jurisdictions outside the European Union are adopting similar regulation, so the vast majority of regulated CASPs are going to be mandated to comply with such requirements worldwide.
How does it work?
A. In the case of a deposit: when you are receiving funds
- We screen your transaction in blockchain investigative tools to identify whether or not the counterparty is a known CASP, and if the CASP shared the required information. We might receive the sender/originator information automatically, and there´s no further action on your side.
- If we don't automatically receive the information, or if the sender address is a self hosted wallet, we will ask you questions about the sender/originator, e.g., their name and any additional information requested. Venga is going to contact you via Customer Support with steps to provide the missing information. You will have 30 natural days to reply to the request.
B. In the case of a withdrawal: when you are sending funds
- We are going to ask you for information about the recipient/beneficiary of the transaction, such as Name and wallet address. The information questionnaire is mandatory, and the transaction won´t be processed without properly completing the requirement.
Accurate information
Please make sure to fill out the Deposit and Withdrawal information requests carefully and accurately to prevent any delays or complications.
We’ll guide you through each step of the deposit and withdrawal process with clear instructions to ensure everything goes smoothly. However, it’s important that you provide complete and correct information, as incomplete or incorrect information may delay the transactions or limit the account´s use.
What happens if I do not provide the requested information?
In the event that the customer does not provide the information required to comply with the Travel Rule, Venga may restrain the functionalities of the account or, after an internal assessment, may decide to close the account. In some cases your transaction may not be processed.
Please make sure that all the requested information is provided to avoid any interruptions.
Our Customer Support Team is here to guide you every step of the way and answer any questions you may have.
If you want to know more about Travel Rule you can read this article.