PRODUCTION - v2.2.2 - 2024-11-24

🚨 Important Update: EU Travel Rule Compliance 🚨

We are introducing changes to our API to ensure compliance with the EU Travel Rule, which takes effect on January 1, 2025. These updates are essential to align with regulatory requirements while maintaining operational excellence 🌍.

🔧 What’s Changing?_
1️⃣ User Wallet Declaration 📝
👉 POST /user
👉 PATCH /user
New fields will let users specify:
Whether the wallet is custodial (managed by a VASP) or non-custodial.
For custodial wallets, users must also provide the VASP’s name 🏢.
These fields will be optional to ensure no disruption to your current flows.

2️⃣ Corporate Wallet Declaration 🏢
👉 POST /corporate
👉 PATCH /corporate/{corporate_uuid}
Similar updates as above will apply to corporate accounts. Corporates will need to declare custodial or non-custodial wallets and provide the VASP’s name for custodial wallets.

3️⃣ Transaction Processing Enhancements 💳➡️🏦
When processing transactions, we will send Travel Rule messages to the relevant VASP as required by the FNTT (Lithuanian regulator) :flag-lt:.
If no response is received, the transaction will follow the existing process, transitioning to an ON_HOLD status and triggering a webhook 🚦.

📖 Why Are These Changes Necessary?
The EU Travel Rule introduces new compliance requirements for crypto transactions. Non-compliance can result in significant risks. Learn more here:
👉 What is the Crypto Travel Rule ?
👉 Consequences of Non-Compliance

💡 What Do You Need to Do?
Please update your API integrations to reflect these changes by January 1, 2025. Detailed information is available in our API documentation 📚.

❓ Have Questions? Let’s Talk!
If you’d like to discuss these changes or have questions, feel free to schedule a call with me directly using this link:
👉 Schedule a Call

We’re here to help and ensure a smooth transition!