Important Update: Upcoming Changes to Withdrawals to Comply with the Travel Rule

As the global regulatory environment for the crypto ecosystem continues to develop, BitMEX is evolving to adapt and maintain a robust compliance standard. To uphold this, we’re implementing a global regulatory standard called the Travel Rule.

This article explains what the Travel Rule is, why it is required, and what it means for your trading experience. Read on to learn more about the new requirements for asset withdrawals.

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Meeting Regulatory Standards: Introducing the Travel Rule

As a platform registered in the Seychelles, BitMEX is legally obliged to comply with the Seychelles Virtual Asset Service Providers (VASP) Act. This regulation, which aligns with the Travel Rule, mandates VASPs like BitMEX to securely exchange specific information about the originator/payer and beneficiary/payee of a digital asset transfer. 

The goal? Increase transparency in digital asset transactions to prevent illicit activities like money laundering and terrorist financing. This initiative is about ensuring that we operate within the necessary regulatory framework.

Building a Compliant BitMEX

As part of our continuing phased rollout, which began on 30 October 2025, users on BitMEX are now required to provide additional information when initiating asset withdrawals via all channels specifically, Web platform, Mobile app and API, regardless of the transaction amount.

What additional information will be required?

• Wallet Type:Specify whether the receiving wallet is an Exchange/Platform or Self-custody.

  • Exchange or Platform: An account for which a third party such as a cryptocurrency exchange or custodian holds and manages the private keys on your behalf.  Please select from the list of exchanges in the dropdown under ‘Select Receiving Exchange’. If the designated exchange is not available in the list, please select ‘Other’ as the receiving exchange and provide the name of the receiving exchange and its official link in the form (as shown below).

  • Self-custody: Software or hardware that enables you to store and transfer virtual assets in which you control or hold the private keys, also known as non-custodial or private wallets. No further information is required for withdrawals made to self-custody wallets.

  • Note: Before withdrawing on mobile, you must add any new wallet destination address and the relevant beneficiary details to your address book.

• Beneficiary Details: When withdrawing to a third party beneficiary, please provide the beneficiary’s full legal name.

For more details on the new requirements, please refer to our Travel Rule FAQ here.

To streamline and ease future withdrawals, we recommend saving and managing beneficiary addresses details in your Address Book. Please refer here for guidance on API endpoints. The next time you withdraw, the information will be pre-filled for a seamless experience.

To add an address, head on over to the Addresses tab and paste the wallet address with the corresponding network.

To add your own wallets, toggle the "Myself" option and give it a memorable nickname. This could be an address for a self-hosted wallet (like a Ledger), or an address from one of your associated exchange accounts.

For third party wallets, simply toggle the ‘Third Party’ option and input the beneficiary details.

Additionally, you can customise your security settings to fit your needs, including the verification method and setting a new address cooldown period. Learn more about it here.

If the system does not automatically detect your wallet type, you'll be prompted to specify whether it's an exchange/platform or self-custody wallet. For exchange/platform, simply select the exchange from the dropdown menu to complete the process, as shown below.

By taking a few seconds to set up your Address Book, you'll ensure that future withdrawals are not only faster but also fully compliant and secure.

A Reliable Trading Environment for Everyone

We understand that change can be challenging, and we're committed to making this transition as smooth as possible. Since 2014, BitMEX has been built on a foundation of upholding the highest standards to provide a reliable trading environment for our users.

By proactively adopting these global standards, we're not just protecting our users and platform; we're helping to build a stronger and more trusted digital asset ecosystem that you can confidently be a part of.

We'll keep you updated on all future developments as we continue to evolve and strengthen our compliance to regulatory standards.