To comply with international regulatory standards, OVEX will introduce new withdrawal requirements for South African users.
What Is the Travel Rule?
The Travel Rule, established by the Financial Action Task Force (FATF), requires crypto platforms like OVEX to collect and transmit key information about both the sender and recipient of digital asset transactions.
This applies to withdrawals to external wallets and helps prevent illicit financial activity.
What You’ll Need to Provide
When making a withdrawal from your OVEX account, you’ll now see two required fields:
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Recipient Name – the full name of the individual or organization receiving the funds
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Recipient Type – choose between:
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Individual
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Corporate
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These fields will appear directly on the withdrawal form and must be completed for the transaction to proceed.
How Is This Managed?
OVEX uses Sumsub, a trusted global provider of compliance and verification solutions, to power parts of our identity and transaction screening processes.
Sumsub enables secure collection, validation, and sharing of Travel Rule-related data in a way that aligns with international regulations. It helps us meet compliance obligations while protecting your personal data through encryption and secure infrastructure.
You do not need to sign up with Sumsub directly — everything is handled seamlessly through the OVEX platform.
What Happens If You Don’t Submit the Information?
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The withdrawal will not be processed
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You will need to contact support@ovex.io for assistance
Does This Apply to All Withdrawals?
Yes — this applies to all crypto withdrawals from OVEX to external wallets, regardless of the amount.
Internal transfers between OVEX accounts are not affected.
Frequently Asked Questions
Q: Do I need to do this for deposits?
No — these requirements only apply to withdrawals to external wallets.
Q: Will I have to fill this in for every withdrawal?
Yes — recipient information must be provided each time you initiate a new withdrawal. Alternatively, you can create a beneficiary for frequent recipients
Q: What if I enter incorrect information?
A: Incorrect or incomplete details may result in the withdrawal being rejected. Resubmit the withdrawal with updated information if it gets rejected.
Q: What is the Travel Rule in simple terms?
A: The Travel Rule requires crypto platforms to collect basic information about the person you're sending funds to. It's similar to how banks collect sender and recipient details for money transfers.
Q: Do I need to provide recipient details if I’m sending crypto to my own wallet?
A: Yes — even if the wallet belongs to you, you’ll still need to enter your own name and select Individual as the recipient type.
Q: Can I choose not to provide the information?
A: No. This is a mandatory compliance requirement.
Q: Can I update recipient info after submitting a withdrawal?
A: No, once submitted, the recipient info cannot be edited. If you made a mistake, please contact support@ovex.io for help.
Q: Is my data secure?
A: Yes. OVEX uses Sumsub, a global compliance provider, to handle data securely and in line with international privacy regulations. All information is encrypted and managed in a compliant, secure environment.
Q: Will these details be visible to the recipient or stored on the blockchain?
A: No. This information is collected and transmitted off-chain between regulated platforms as part of compliance procedures. It is not visible on the blockchain.
Q: Will this slow down the withdrawal process?
A: No, entering the required details takes just a few seconds. Once submitted, your withdrawal will proceed as normal, assuming all information is correct.