From the end of December 2024 Gemini introduced some changes to crypto transfers procedures for customers based in the EU & EEA¹. The decision was made in response to new regulations which require virtual asset service providers (VASPs), like Gemini, to share information about the sender and the receiver on both ends of a crypto transaction.
Gemini has partnered with Travel Rule Universal Solution Technology (TRUST) to enable these changes, which are designed to crack down on fraudulent activity in the industry. TRUST's tech allows us to safely share data in order to comply with the regulatory requirements, while prioritising your security and privacy.
What is the Travel Rule?
The Travel Rule is a set of global standards that require financial institutions and VASPs to share information about the senders and recipients of virtual assets.
The Travel Rule is designed to make it more difficult for criminals to use cryptocurrencies or other virtual assets for illicit activity. The additional information you will now be asked to supply when depositing and withdrawing crypto can be used to track and trace virtual assets and help prevent bad actors from conducting illegal activity.
In the EU & EEA¹, the Travel Rule applies to all transactions, necessitating VASPs to share data such as the sender and recipient names and crypto address. The specific information required may differ based on the risk profile of the transaction.
What's changed?
Outbound transfers from Gemini to non-TRUST VASPs
To ensure transparency of data, Gemini will only permit outbound transfers to other registered TRUST VASPs. Gemini will block any outbound transfers to a non-TRUST VASP. You can view the full list of registered TRUST VASPs here. Outbound transfers to wallets that are not controlled by another VASP e.g. a self hosted wallet are still permitted.
Inbound transfers from a non-TRUST VASP to Gemini
Gemini may freeze and/or restrict users who are attempting to make inbound transfers to Gemini from a non-TRUST VASP. This is due to these transactions potentially missing the required information to ensure transparency of the transaction. Inbound transfers from wallets that are not controlled by another VASP e.g. a self hosted wallet are still permitted.
Deposits and withdrawals from your Gemini wallet
When depositing or withdrawing from your Gemini wallet to another crypto address, we will need to request additional information from you, such as your name, the beneficiary of the funds, and in some cases, your address. This data will only be shared between the sending and receiving providers, and with no one else.
Unsupported tokens when depositing and/or withdrawing
Only transfers of ERC-20 tokens, ETH, and BTC will be supported on Gemini. Whilst you can still freely trade and hold unsupported tokens within Gemini, we will be removing the unsupported tokens from deposit and withdrawal options, with the exception of withdrawals to a self-hosted wallet.
For an overview of all assets available to trade on the exchange and the network they are sent through, please visit this Support Page.
API functionalities
At this time the User Attestation process is only available on the Gemini app and Gemini web interfaces.
Because of this, outbound crypto transfers cannot be initiated via API, and must be done through the Gemini app or desktop instead. Inbound crypto transfers will also require the user to complete the appropriate attestation via mobile or web user interface.
Gemini continues to be committed to working collaboratively with regulators around the world to help the crypto industry flourish in a compliant, sustainable and safe manner. The implementation of the Travel Rule is the next step on this journey.
If you have any more questions, please reach our support team here.
¹ Customers domiciled in Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Iceland, Liechtenstein, Norway