In recent developments, Japan-based Bitcoin exchange BitFlyer is reporting that it will restrict cryptocurrency transfers to comply with the new rules.
Bitcoin exchange BitFlyer complies with FATF ‘Travel Rule’
On May 30, BitFlyer announced that it will limit its transfers under TRUST (Travel Rule Universal Solution Technology), a system designed to comply with the requirements of travel rules.
According to sources, the restrictions apply to 21 countries and regions that are obliged to provide information under travel rules. However, customers will still be able to send and deposit crypto to exchanges outside of these 21 specific countries.
Other restrictions that came into effect in the past hours include restrictions on transfers to non-compliant platforms by Travel Rule Universal Solution Technology (TRUST), which was developed to ensure compliance with the requirements of the FATF initiated by Coinbase.
The exchange has set notification requirements when exchanging crypto on TRUST compliant platforms. There are 21 countries on this list such as Japan, Israel, Gibraltar, Hong Kong, Bahamas, and Switzerland. BitFlyer limits transfers to compatible platforms in these countries to a few cryptocurrencies. These are TRUST-compliant cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and several ERC-20 tokens.
There are restrictions on certain cryptocurrencies except Bitcoin
In addition to country restrictions, there are restrictions on the crypto variants supported by TRUST. Among the wide range of cryptocurrencies managed by BitFlyer, Bitcoin and Ethereum will be subject to TRUST compliance. In addition, the following cryptocurrencies created under the ERC-20 standard come under TRUST’s scope:
- Basic Attention Token (BAT)
- Chainlink (LINK)
- Polygon (MATIC)
- Maker (MKR)
- Shiba Inu (SHIB)
- Pallet (PLT)
Coincheck and Metamask, the only options
The company stated that transfers to countries and private wallets that are not on this list can be made with any cryptocurrency available on the bitFlyer platform. In line with these measures, local crypto transfers via bitFlyer will only occur to Coincheck, the other TRUST compliant platform in Japan, and only via Bitcoin.
Japan had pledged to enforce the FATF’s travel rule after the FATF called for G-7 countries to take the lead in combating money laundering through cryptocurrencies. BitFlyer’s US arm was recently fined by a New York financial regulator for failing to meet cybersecurity requirements. cryptocoin.com You can take a look at the crypto money developments in the country on this page.
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