bitFlyer complies with FATF’s ‘Travel Rule’ through new restrictions on crypto exchange

BitFlyer, a crypto exchange headquartered in Japan, has announced that it is implementing strict anti-money laundering measures in accordance with the “Travel Rule” of the global financial crime watchdog, the FATF. This rule requires information sharing on transfers. The measures include restrictions on transfers from BitFlyer to platforms that do not comply with the Travel Rule Universal Solution Technology (TRUST), a system initiated by COIN, a US-based crypto exchange, to ensure compliance with FATF’s requirements. BitFlyer has established notification requirements for receiving and sending crypto to TRUST-compliant platforms in a list of 21 countries, which include Japan, Israel, Gibraltar, Hong Kong, the Bahamas, and Switzerland. The exchange further restricts transfers to compliant platforms in these countries to TRUST-compatible crypto assets such as bitcoin (BTC), ether (ETH), and several ERC-20 tokens. It was announced that transfers to and from countries not on this list can be made in any crypto asset available on the BitFlyer platform. According to the measures, domestic crypto transfers to and from BitFlyer can only be made to Coincheck, the other TRUST-compatible platform in Japan, and only via bitcoin. Japan recently pledged to implement FATF’s travel rule, which mandates the sharing of crypto transaction information between platforms, after the watchdog called on advanced economies grouped in the G-7 to take the lead in combating money laundering through digital assets. Recently, BitFlyer’s US unit was fined by a New York financial regulator for not meeting cybersecurity requirements.

Read more: blockchain-Led Travel Rule Group Grows Members, Expands to Canada and Singapore

Edited by Parikshit Mishra.

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