Understanding the Travel Rule for Crypto Withdrawals and Deposits on Ndax
What Is the Travel Rule?
The Travel Rule is a global Anti-Money Laundering (AML) requirement originally created for traditional bank transfers and now extended to cryptocurrency transactions.
In Canada, FINTRAC requires all Virtual Asset Service Providers (VASPs), including Ndax, to collect and transmit identifying information about both the sender and the recipient when an external crypto transfer is equal to or exceeds $1,000 CAD.
This information ensures safe, compliant transfers and helps prevent fraud, money laundering, and terrorist financing.
Why Ndax Collects This Information?
To comply with FINTRAC regulations, Ndax is required to collect basic recipient information for crypto withdrawals and deposits exceeding $1,000 CAD that are sent to or received from external wallets. This requirement applies to all Canadian crypto platforms and is mandated by law.
This is designed to ensure secure, simple, and minimally disruptive information collection, especially for users who send to the same wallet more than once.
When to Expect Information Collection
When you withdraw or deposit more than $1,000 CAD worth of crypto to or from an external wallet, a prompt will appear.
In the case of withdrawals: “Who are you sending to?”
You will have two paths:
1. Sending To Myself
Choose this if the withdrawal is going to your own personal wallet.
No additional information is required.
Ndax already has your verified KYC information.
2. Sending To Someone Else
You will be asked to provide:
Full legal name of the recipient
Their physical residential address, including:
Country
Province/State
City
Street address
Postal/ZIP code
Unit number (if applicable)
Smart Recipient and Sender Memory (Time-Saving Feature)
Once you enter recipient or sender details for a specific withdrawal or deposit address, Ndax will remember it.
On future withdrawals or deposits to or from the same address:
You will not need to re-enter Travel Rule information
The step will be automatically skipped
This helps reduce friction and prevents repeated data entry
Ndax stores recipient and sender data in accordance with applicable privacy rules and regulations. The information is not shared except as required for compliance purposes.
How the Withdrawal Flow Works
Step 1 — Start a Withdrawal
Begin a crypto withdrawal the same way you normally do within your Ndax account.
Step 2 — New Prompt
If your withdrawal is valued over $1,000 CAD, the “Who are you sending to?” screen will appear.
Step 3 — If You Are Sending to Yourself
Click the “Sending to myself” checkbox
Simply confirm and continue.
No other details are required
.
Step 4 — If You Are Sending to Someone Else
Enter the recipient's:
Full name
Residential address (all required fields must be completed)
Step 5 — Complete Withdrawal
Once the required information is entered:
Your withdrawal will proceed as normal
Future withdrawals to the same address will skip this step automatically