In line with BSP Circular 1108, additional requirements about the recipients of external cryptocurrency transactions are required for us to process transfers. These guidelines are in place to protect customers and to ensure that enough due diligence has been done for the transactions.
External outgoing transfers would now require the recipient’s full name. The recipient’s wallet address is also required to be registered to a virtual asset service provider to comply with the guidelines.
If you were able to provide the recipient’s full name and wallet address in our platform but still received a rejected notification, please confirm the receiving platform that the wallet address is linked to.
For more information, you may check this article: How does the Travel Rule affect external transfers?
