BitFlyer Implements New Restrictions to Comply with FATF’s ‘Crypto Travel Rule’
May 31, 2023
Japan Based Crypto exchange bitFlyer embraces the FATF’s ‘Crypto Travel Rule’ with the updated regulations. These restrictions are imposed on 21 countries including Japan, Gibraltar, Hong Kong, Switzerland & The Bahamas.
These restrictions came into effect yesterday that restrict transfers from crypto exchanges to platforms that are non-compliant with Travel Rule Universal Solution Technology (TRUST). The above-mentioned 21 countries are an updated list of restricted/regulated ones where BitFlyer has shown stringency in its own operations by restricting transfers of crypto assets including BitCoin, Ethereum, and ERC-20 Tokens.
According to the recently updated Crypto Travel Rule guidelines, crypto transfer to and from BitFlyer can only use Coincheck and in the case of a TRUST-compliant platform in Japan, they can transact via Bitcoin.
Japan has recently become a staunch adherent to AML guidelines, especially the ones by the FATF travel rule in the case of cryptocurrency. The country also recommended at the G-7 summit that flourishing economies should join hands to combat Money Laundering through digital assets.
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