As a registered VASP, Coins.xyz must collect required information to be able to process Virtual Asset (or cryptocurrency) transfers, including transactions associated with a VA (virtual asset) transfer.
What is a VASP?
A Virtual Asset Service Provider (VASP) refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of VA (Virtual Assets), which involve the conduct of one or more of the following activities:
- Exchange between VAs and FIAT currencies;
- Exchange between one or more forms of VAs;
- Transfer of VAs; and
- Safekeeping and/or administration of VAs or instruments enabling control over VAs
How does this affect me?
To comply with the guidelines implemented for Virtual Asset Service Providers (VASPs) by the Financial Action Task Force (FATF), transfers from VASPs (such as Coins.xyz) equivalent to USD 1,000 and above are required to submit the following beneficiary information in order to receive the funds:
- Recipient’s name, and
- Destination exchange
Privacy Concerns
All information submitted to our platform will be treated with utmost confidentiality and in compliance with data privacy standards.
About the Travel Rule
You may learn more on how the Travel Rule affects external transfers here.
Frequently asked questions
I have not received my cryptocurrency transfer. When will this reflect in my wallet?
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Transfers may take time due to required blockchain confirmations.
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Use your transaction hash with a blockchain explorer to check the status.
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Contact support if delays exceed one hour.
By following these steps, you can track your cryptocurrency transfer and ensure everything is in order.