BTCC Exchange , a cryptocurrency exchange established in 2011, announced on the 22nd that it became a full member of the VerifyVASP Alliance in order to comply with Korea’s travel rules.
The International Anti-Money Laundering Organization (FATF) provides additional information (real name of the trader, etc.) required for withdrawal when digital assets are transmitted from a virtual asset service provider (VASP) to prevent money laundering and to track terrorist funds. Travel rules that must be delivered have been made compulsory, and in Korea, according to the amendment to the Specific Financial Information Act, they must be observed from March 25, 2022.
In accordance with the travel rule compliance obligation, BTCC joined VerifyVASP, giving users a sense of security that it fully complies with the travel rules that will be enforced in Korea from March 25th. This is a significant step forward for exchanges and users, and a huge benefit for users, as it means investors are free to transfer cryptocurrencies between BTCC and other exchanges that meet the regulatory requirements of the Korean FATF.
VERIFY BAST provides industry-leading travel rule solutions for cryptocurrency service providers (VASPs) to comply with regulatory requirements of authorities, and BTCC applies travel rules through this solution to process deposits and withdrawals and Upbit) to support deposits and withdrawals.
You can check the news of BTCC’s VerifyVASP joining as an official member through the information page .
BTCC Exchange
Currently, there are very few overseas exchanges that meet the travel rules of the International Anti-Money Laundering Organization (FATF). BTCC, one of the few exchanges that comply with the latest regulations, was established in June 2011 and is the world’s longest operating cryptocurrency exchange. has been providing
An exchange official said, “We always focus on improving every aspect of trading, and continue to work to create a fair trading atmosphere and provide a trusted and easily accessible cryptocurrency trading environment for everyone.”
He continued, “In the era of constant change, new regulations will always occur in each country and region of the cryptocurrency industry. BTCC, which is always sensitive to user needs, will improve cryptocurrency transfer services through collaboration with various organizations in various countries and regions in the future. I look forward to doing it,” he added.
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