BitMEX relies on you to provide truthful and complete information. If the receiving exchange is also subject to Travel Rule requirements, it may verify beneficiary names against its own records. Specific requirements may vary depending on the jurisdictions involved. If the required information is missing or incorrect, your transaction may be delayed or you will be required to provide additional information before it can be processed.
How is the provided Travel Rule information verified?
BitMEX relies on you to provide truthful and complete information when submitting a withdrawal. On the BitMEX side, the platform checks that all mandatory Travel Rule fields have been completed before allowing the withdrawal to proceed. Required fields include the wallet type, the receiving exchange name (if applicable), and the beneficiary’s full legal name for third-party transfers.
Beyond the initial submission, the receiving exchange or platform may perform its own verification. If you are withdrawing to an exchange that is also subject to Travel Rule requirements, that exchange may choose to verify the provided beneficiary information against its own customer records. For example, the receiving exchange may check whether the beneficiary name you entered matches the account holder’s registered legal name. The verification process at the receiving end is independent of BitMEX and depends on the receiving exchange’s own Travel Rule policies and the regulatory requirements of the jurisdictions involved.
What happens if I provide incorrect or incomplete details?
Providing incorrect or incomplete Travel Rule information can have several consequences for your withdrawal:
- Submission Blocked: If required fields are missing, BitMEX will not allow the withdrawal request to be submitted until all mandatory fields are completed.
- Transaction Flagged: The receiving exchange may flag the transaction for manual review if details are inaccurate.
- Rejection: If the information is submitted but contains inaccuracies, the receiving exchange may flag the transaction for review or reject the transfer outright.
- Information Requests:Specific requirements may vary depending on the jurisdictions involved in the transaction. In some cases, the receiving platform may request additional information before releasing the funds to the beneficiary.
To minimise the risk of delays, always double-check the beneficiary’s full legal name, wallet type, receiving exchange name, and other fields before confirming a withdrawal. If you are withdrawing to a third party, verify these details directly with the beneficiary. Providing accurate information from the outset is the most effective way to ensure your withdrawal is processed promptly and without complications.