Bitfinex announces that it has added support for Travel Rule data sharing for cryptocurrency withdrawals, in line with regulatory requirements. Bitfinex will also receive Travel Rule data from other Virtual Asset Service Providers , such as other exchanges. The purpose of the Travel Rule is to prevent money laundering and financing of illegal activities by enhancing the transparency of transactions between VASPs. Under the Travel Rule, when customers make a crypto withdrawal from Bitfinex, specific information for transactions of $1,000 or more in value is also made available to Third-Party Services that provide Travel Rule compliance solutions and who in turn make that information available to VASPs, such as an exchange, as applicable. The required transaction details made available include amount, asset, transaction hash, the blockchain addresses and identification of the originator and beneficiary VASP. For individuals involved in the transaction, the shared data will also include their name, address, government ID number and date of birth. In the case of entities , information shared includes the entity's name, address and government ID . Bitfinex will implement Travel Rule information sharing in two stages: from today until the 29th of November 2023, customers will be given the option to send Travel Rule information for withdrawals of $1,000 or more in value when sending funds to another VASP. .starting the 29th of November 2023, customers will have the option to send travel rule information for withdrawals under $1,000 in value. However, if the amount is equal to or higher than $1,000 in value, Bitfinex will automatically send Travel Rule information alongside the withdrawal request. . You can read more about the Travel Rule in our Knowledge Base article.