Ndax Compliance & Regulation FAQ: Crypto Withdrawal and Deposit Travel Rule

In Canada, the Travel Rule is mandated by FINTRAC. For crypto transfers: 

• It applies to withdrawals and deposits valued over $1,000 CAD.
• Platforms must collect and transmit:
  Sender: name, address, account or wallet ID 
  Recipient: name, address, account or wallet ID 
   
• This only applies to crypto transfers outside Ndax (to external wallets or platforms). This is a legal requirement for all Canadian crypto platforms. 
   

To comply with Canadian law and global standards, Ndax must collect information related to the sender and recipient of crypto withdrawals and deposits outside of Ndax valued over $1,000 CAD.  This ensures that we meet regulatory obligations while keeping your experience smooth and secure. 

You’ll only be asked when: 

• Your withdrawal or deposit exceeds the CAD value of $1,000
• It’s sent outside Ndax
• It’s sent to or received from a new withdrawal address that hasn’t been used before 
   

If you’re withdrawing or depositing crypto to or from your own wallet, simply select “Sending to myself”. No extra details are required. 

No, once you provide recipient details for a withdrawal and the sender information for a deposit associated with a specific address, Ndax securely saves them. If you use the same address again, you won’t need to re-enter the information. If a new address is used, you will need to provide the required information.  

No, this is a mandatory compliance requirement. Withdrawals and deposits cannot be processed without providing the required information.

Yes. All sender and recipient information is stored securely in line with the applicable privacy rules and regulations. It is only shared as required for compliance purposes.

What is the Travel Rule?

• The Travel Rule is a regulatory requirement that mandates collecting and sharing sender and recipient information for crypto transfers valued over $1,000 CAD.

When will I be asked for this information?

• Only when:
  • The withdrawal or deposit is valued over $1,000 CAD, and
  • You are withdrawing or depositing to or from a new external wallet address, and
  • The recipient is someone other than yourself

Will I have to enter this information again in the future?

No, once you enter Travel Rule information for a specific withdrawal or deposit address, Ndax will securely save it. You won’t need to provide it again for that same address.

What if I’m sending crypto to myself?

Just select “Sending to myself”. 
No additional information is required.

Is providing this information optional?

No

This is a mandatory Canadian regulatory requirement. Crypto withdrawals and deposits valued over $1,000 CAD cannot continue without completing this step.

Is my personal data secure?

Yes. Ndax stores all information securely and only shares data when required for compliance.

Does this apply to all withdrawals and deposits?

No

Only crypto withdrawals and deposits that are:

• Valued over $1,000 CAD, and
• Sent or received from external addresses

Can I edit previously saved recipient information?

• If the address is saved in your Address Book, you can view or edit recipient or sender details on the Ndax web platform.
• If the address is not in your address book, changes will require contacting Ndax Support for verification and compliance review.

Will this slow down my withdrawal or deposit?

• No, unless:
  • Incorrect details are entered,
  • Information does not meet the regulatory requirements, or
  • Additional compliance review is needed. In most cases, withdrawals will proceed as normal.

Helpful Resources

FINTRAC Travel Rule Guidance

FATF Travel Rule Overview