BitFlyer, the largest cryptocurrency exchange based in Japan, has activated its travel rule to prevent money laundering in cryptocurrency transactions.
According to the news presented by Coinpost, bitFlyer has launched the TRUST (Travel Rule Universal Solution Technology) system launched by Coinbase. In this context, the stock market has changed its stance on crypto money transfers. to the regulatory framework decided to align.
Exchange USA, hong Kong, Germany And South Korea including 21 will only allow transfers of some cryptocurrencies from the country. Among these cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB) And Basic Attention (BAT) such as various ERC-20 like tokens TRUST It stated that it will cover compatible crypto-assets.
US-based crypto exchange coinbase a system initiated by to TRUST Transfers from the exchange to platforms that do not comply will be subject to restrictions. “Travel rule” Within the scope of the so-called measures, it is aimed to tighten the anti-money laundering stance.
Under the rule to be enacted by the Japanese parliament as of June 1 over $3,000 any financial institution that processes cryptocurrencies will need to forward customer information to the receiving exchange or institution. Persons performing the transfer between the data to be transmitted First Name And address will also be included.
On the other hand, according to BitFlyer’s statement, transfers to countries and private wallets that are not on the list can be made with any crypto currency available on the exchange.
BitFlyer’s USA affiliate recently New York financial regulator on the grounds that it does not meet the cyber security requirements. to a fine sentenced.