The Financial Action Task Force (FATF) Travel Rule or often referred to as the Travel Rule is a global financial regulation with the aim of preventing money laundering. In 2019 the FATF Travel Rule recommended that the travel rule also be applied to cryptocurrencies. Therefore, every withdrawal and transfer of crypto that exceeds the $1000 threshold must verify your domicile address. Coinbase has also bypassed proof of address in October 2023, if it does not verify the user's account will be closed. Starting today Jan 30, 2024, one of the Indonesian crypto exchanges TokoCrypto which has been acquired by Binance, is also implementing this regulation.
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