Sending crypto to an external wallet in compliance with the Travel Rule
This guide explains how to transfer your crypto-assets from the Young Platform exchange to an external wallet, following the updated procedure that includes the obligations set out by the Travel Rule (the anti-money-laundering regulation applicable to all crypto-asset transfers).
1. Go to the Crypto section
From the app Home page, select Crypto.
2. Start the withdrawal
Find the crypto-asset you want to withdraw and tap the "…" (three dots) next to the Deposit button in the portfolio quick actions. From the menu, choose Send.
You can also start the process from the Portfolio of a specific crypto-asset by tapping the "…" (three dots) next to the Sell button and then selecting Send.
3. Select the crypto-asset
Choose the crypto-asset you want to withdraw from the list of crypto-assets in your portfolio.
4. Set up the destination address
You can select an already saved address or add a new one. To add a new address, fill in the following fields:
a) Destination wallet type
Specify the nature of the receiving wallet:
- Non-custodial — a wallet under your exclusive control (e.g. MetaMask, Ledger).
- VASP — a wallet managed by a service provider, such as another exchange.
b) Network*
Choose the correct network from the available options. Selecting the wrong network may result in the permanent loss of funds.
* Young Platform supports numerous networks for the main crypto-assets: see the Fees and prices page.
c) Address and label
Copy and paste the receiving wallet address and assign a label to identify it quickly in future.
Label example: "Metamask"
d) Memo/Tag (if required)
Some crypto-assets require a Memo or Tag code (e.g. Stellar/XLM, Ripple/XRP, Algorand/ALGO, EOS, Terra/LUNA). Young Platform always uses Memo ID type only. If the destination platform asks you to specify the type, enter "Memo ID".
e) Self-declaration (Travel Rule)
Complete the mandatory self-declaration:
- The wallet is yours: tick the relevant box.
- The wallet belongs to someone else: leave the box unticked and fill in the fields with the beneficiary's information (similar to a bank transfer: name, surname and — if required — further identifying details).
Travel Rule note: in Italy the threshold is 0 EUR, meaning that every withdrawal must include the additional information required by the Travel Rule, regardless of the amount.
5. Save the address
Once all fields are completed, tap Continue to save the address. This step is only required once: for subsequent transfers to the same wallet on the same network, simply select it from your saved addresses.
Warning: if you saved an incorrect address, delete it and repeat the procedure from the beginning.
6. Enter the amount
Type the amount of crypto-asset to transfer, respecting any minimum withdrawal limits. For information on supported currencies, fees and minimum amounts, see the Fees and prices page.
7. Review and confirm the transaction
- Carefully check the preview: address, network, Memo/Tag (if required) and amount.
- Confirm the transaction by entering the OTP code received by SMS or email, or the code generated by Google Authenticator.
Once confirmed, the transaction will be submitted and the crypto-assets transferred to the external wallet.
8. Processing times
Receipt times vary depending on the crypto-asset, the chosen network and — for transfers to another platform — the receiving platform's processing time.
9. Tips and error handling
Before confirming, always check:
- Mandatory Memo/Tag: always include it when required (XLM, XRP, ALGO, EOS, LUNA). Its absence may prevent the transaction from completing.
- Correct network: a wrong network may result in the permanent loss of funds. If you use the same wallet on multiple networks, save a separate address for each one and specify it in the label (e.g. "Ethereum Arbitrum", "Ethereum Optimism").
- Complete details: double-check the address, Memo/Tag and all other details. Transactions sent to incorrect addresses cannot be recovered.
If something goes wrong:
- If you sent crypto-assets to the wrong network or without a Memo/Tag, contact the destination platform immediately and ask them to return the funds to Young Platform.
- Once you receive confirmation of the return, send Young Platform all the transaction details so we can assist with the recovery.
Warning: transactions sent with incorrect data may not be recoverable. Young Platform accepts no liability for errors due to a wrong network or missing Memo/Tag, but will do its best to assist in the recovery process whenever possible.
Need help? Open a support ticket or write to support@youngplatform.com.