What is the Travel Rule for Crypto Transfers?

Travel Rule is a regulation introduced to prevent money laundering and other financial crimes. The Travel Rule aims to increase the reliability of markets by preventing illicit activities. In this article, we will answer questions such as “What is the Travel Rule?”, “Has MASAK introduced a Travel Rule requirement?”, “When was the Travel Rule introduced?”, and “What is the Crypto Travel Rule?”.

What is the Travel Rule in Crypto?

The Travel Rule first came into effect in the US in 1996. In 2012, it was adopted as a recommendation by the Financial Action Task Force (FATF), an international organization affiliated with the OECD. In 2019, the FATF expanded this rule to cover crypto asset service providers (CASPs).

The Republic of Turkey is also among the FATF member countries. The Financial Crimes Investigation Board (MASAK) has made it mandatory for crypto asset service providers operating in Turkey to implement the Travel Rule as of February 25, 2025.

What is the Purpose of the Travel Rule?

The purpose of the Travel Rule is to prevent money laundering, terrorist financing, and similar financial crimes. This provides a safer investment environment by limiting and ending the activities of malicious actors in the crypto asset ecosystem.

What Does the Travel Rule Entail in Crypto?

MASAK has included the details of the Travel Rule in the "Guide on Compliance with Obligations" published for CASPs.

In the relevant document, MASAK defined the Travel Rule as "a regulatory principle that mandates the inclusion of necessary and accurate information about the sender and necessary information about the receiver in transfer messages for crypto asset transfers exceeding a certain amount, and the transmission of this information by preserving it in the relevant messages throughout the transfer chain."

This rule requires the collection of certain information regarding the receiver and sender in crypto asset transfers. Bitlo, as a CASP compliant with legal regulations and legislation, implements the requirements of this rule. Thus, it enables its users to perform crypto asset transactions securely.

Required Information for Crypto Asset Transfers

The information requested in crypto asset transfers in accordance with the Travel Rule is as follows:

• Sender Information: Name and surname, Wallet address, TR ID number, Transaction description (At least 20 characters)
• Receiver Information: Name and surname, Wallet address

Additionally, crypto asset withdrawal (transfer to another address) times have also been limited. Accordingly, to create a withdrawal request for a deposited, bought, sold, or converted crypto asset:

• Users who have previously withdrawn crypto assets must wait at least 48 hours;
• Users who will withdraw crypto assets for the first time must wait at least 72 hours.

For example, suppose you bought 1 Ethereum (ETH) with TRY. To send this ETH to another address, you can create a withdrawal request after i) at least 48 hours if this is not your first transfer, or ii) at least 72 hours if this is your first transfer.

Transfer Limits on Stable Crypto Assets

The Travel Rule has also imposed limits on transfers of stable crypto assets (stablecoins). Accordingly, the daily and monthly withdrawal limits for stablecoins are as follows:

• Daily withdrawal limit: 3,000 USD
• Monthly withdrawal limit: 50,000 USD

How to Transfer Crypto Assets on Bitlo?

You can easily perform your crypto asset transfers on Bitlo from the “Deposit” section in the top menu. The “Deposit Crypto” option is for transfers to your Bitlo account, and the “Withdraw Crypto” option is for transfers from your Bitlo account to another wallet address.

For more detailed information about crypto asset transfers, you can read our article titled “How to Transfer Crypto Assets? Network Selection, Fees and Security Guide”.