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bitFlyer Takes a Stand Against Money Laundering with Tough Anti-Money Laundering Measures

Tokyo-based cryptocurrency exchange bitFlyer, announced on Tuesday the implementation of robust anti-money laundering measures in accordance with the guidelines set by the Financial Action Task Force (FATF).

The exchange’s move aims to ensure compliance with the global financial crime watchdog’s “Travel Rule,” which requires sharing information on cryptocurrency transfers.

Effective Tuesday afternoon local time, bitFlyer has introduced stringent restrictions on transfers from the exchange to platforms that do not adhere to the Travel Rule Universal Solution Technology (TRUST). TRUST, initiated by U.S.-based crypto exchange Coinbase, serves as a system to assist firms in meeting FATF’s regulatory requirements.

To facilitate compliance, bitFlyer has established notification requirements for sending and receiving cryptocurrencies to and from TRUST-compliant platforms in a designated list of 21 countries. The countries included in the list are Japan, Israel, Gibraltar, Hong Kong, the Bahamas, and Switzerland.

Furthermore, the exchange imposes additional restrictions on transfers to TRUST-compliant platforms in these countries, limiting them to TRUST-compatible crypto assets such as Bitcoin (BTC), Ethereum (ETH), and various ERC-20 tokens.

Transfers to and from countries not on the specified list and transfers to private wallets can be conducted using any crypto asset available on the bitFlyer platform.

These measures align with Japan’s recent commitment to implementing FATF’s travel rule, which urges advanced economies, including those in the G-7, to take the lead in combating money laundering through digital assets.

As part of this initiative, bitFlyer enables domestic crypto transfers exclusively to Coincheck, the other TRUST-compatible platform in Japan, and exclusively via Bitcoin.

bitFlyer’s U.S. subsidiary recently faced a penalty from a New York financial regulator for non-compliance with cybersecurity requirements. However, the current implementation of strict anti-money laundering measures underscores the exchange’s commitment to maintaining regulatory compliance and safeguarding the integrity of its operations.

With these comprehensive measures in place, bitFlyer aims to enhance transparency and security in cryptocurrency while upholding global standards in the fight against money laundering and illicit activities related to digital assets.


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