Crypto transfers are being restricted in Europe through heavy know-your-customer (KYC) procedures and blocks, potentially linked to the Travel Rule, according to several local reports. Hasu, the strategy lead at Flashbots, reported that Coinbase is blocking transfers in Europe to recipients other than the user. Additionally, when sending crypto to a self-custodial wallet, the user must sign a message to prove ownership. If the user receives funds instead of sending them, the sender must be identified, including passport identification. This applies even if the user sends money to his Coinbase account from another source. Hasu said he didn’t try to avoid complying with Coinbase requirements, but he fears the whole account would be frozen. Sam Harper, Argent’s crypto general council member, also reported the same issue. However, he said the message could not be signed from his self-custodial wallet, so he gave up on the transaction. The analyst known as Ignas shared that OKX Europe requires the same steps as Coinbase. James Hunsaker, co-founder of Monad Labs, said Europe is a scary place for crypto these days. Travel Rule potentially behind Armani Ferrante, CEO of Backpack, said that these new compliance steps stem from the Travel Rule. He added that this is becoming “more and more common” and mandatory in certain jurisdictions. Jordan Fish, also known by the crypto community as Cobie, also highlighted the new compliance requirements to the Travel Rule. The Travel Rule is a set of guidelines designed by the Financial Action Task Force (FATF) mandating that financial institutions share certain information about the originator and beneficiary of wire transfers and other similar types of payments. Blockchain developer Kris O’Shea also reported that he had to confirm the original sender when trying to deposit USD Coin (USDC) into his Revolut card from a MetaMask wallet. On Jan. 7, Delphi Labs co-founder José Maria Macedo shared that the Banco of Investimentos Globais (BiG), one of Portugal’s largest banks, notified clients that fiat transfers to crypto platforms would be blocked. According to Macedo’s report, the bank cited compliance with guidelines published by the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal about risks associated with offering digital assets.