Question
Why do I need to provide recipient details for my Digital Currency transfers from ZEN?
Answer
To follow the FATF Travel Rule, which helps make virtual asset transfers safer, our Virtual Asset Service Provider (VASP) will ask you to provide recipient information when you make Digital Currency transfers. If you have added any Digital Currency transfer recipients to your ZEN app before April 2025, you will be able to add the missing information by editing the recipient information in the ZEN app.
What information is required?
The required information are:
- Name of Virtual Asset Service Provider (VASP) to which you are sending the funds — it is the name of a company or exchange that is supporting the recipient's wallet, such as Binance, Bybit, Ledger Wallet, Phantom Wallet, Trust Wallet, etc.
- First name, last name and date of birth of the recipient (only in case of individual persons).
- Legal name, Tax ID and registration country of the recipient (only in case of businesses).
- Recipient's address.
You may easily provide this information to us when making a Digital Currency transfer from your ZEN account to an external cryptocurrency wallet address.
Can I choose not to share the Digital Currency recipient's information?
Please note that without the Digital Currency recipient information, we will not be able to process the transfer due to compliance reasons. If your transfer cannot be processed due to missing data, please make sure to update your ZEN app to the newest version. Then, follow the in-app instructions to add the missing data and complete the transfer.