As a regulated bank, SoFi follows federal standards to ensure your assets move safely and stay compliant with U.S. law. Occasionally, you’ll be asked for extra details to finalize a withdrawal or deposit.
The “Travel Rule”
The most common reason for extra questions is a federal requirement called the Travel Rule. This requires financial institutions to share specific information when crypto is sent to another platform.
If your transfer triggers this requirement, you will need to provide:
- Beneficiary Name: The full name of the person or business receiving the crypto.
- Wallet Type: Whether you are sending to a personal self-custody wallet or a centralized exchange.
- Institution Name: If sending to an exchange (like Coinbase), you’ll select the platform name from a list.
Will this delay my transfer?
Most withdrawals remain instant. If your transfer requires a manual security review, we will notify you via email and push notification as soon as it is cleared.
Member Tip: Once a transfer is successful, your Activity feed will provide a Block Explorer Link. You can use this to track your funds’ progress in real-time on the blockchain.