Which data is shared under the travel rule and how secure is it?

When you send bitcoin to a hosted wallet (custodial) at an exchange, we are legally required to share certain information. This includes your full name, bitcoin address, residential address, document number and customer number. For business customers, the Chamber of Commerce (KvK) number is also shared. The receiving exchange typically already has this information and will verify it.

At Bitonic, your privacy is our top priority. For the transfer, we use Notabene, a secure and specialised platform for complying with the travel rule. Notabene encrypts each data element individually, so that only the receiving party can decrypt the information. Data is stored temporarily and solely for this purpose in a highly secure environment. You can find more information about Notabene's security measures here.

It is important that you always provide accurate and truthful information. Incorrect details can result in transactions being delayed or even the loss of bitcoin. Please pay attention to the following scenarios:

Personal wallet vs. hosted wallet

Do not indicate that a bitcoin address belongs to your own personal wallet (self-custodial) when it is actually an address of a hosted wallet at an exchange. In that case, no data will be sent and the receiving exchange cannot verify anything. This may result in your bitcoin being frozen or even lost.

Hosted wallet vs. personal wallet

Do not indicate that a bitcoin address belongs to a hosted wallet at an exchange when it is actually your own personal wallet. In that case, the transaction cannot proceed because the receiving exchange will not recognise the bitcoin address you provided. This will likely cause the transaction to get stuck.

Wrong exchange

Never specify a different exchange than the actual destination, for example because your exchange is not on the list of supported platforms. This can also lead to the loss of bitcoin. If your exchange is not listed, contact our customer support. The exchange may be supported in the future. In the meantime, you can always use your own personal wallet as an intermediate step:

• Send bitcoin from Bitonic to your own personal wallet.
• Then send bitcoin from your personal wallet to the exchange.

In summary: always select the correct exchange or to protect your privacy and ensure a smooth transaction, consider withdrawing to your own personal wallet first.