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Crypto News: BitFlyer, one of Japan’s leading cryptocurrency exchanges, announced its countermeasures in response to the implementation of “travel rules.” The company is set to restrict crypto deposits and transfers for all corporate and individual customers on its platform. These measures come as part of the efforts to comply with the travel rules and combat money laundering and terrorist financing in the crypto industry.
BitFlyer Complies With Crypto Regulations
On May 30, bitFlyer announced that it will limit crypto deposits and transfers effective from 5 pm — exclusively to crypto asset exchange companies that have adopted TRUST (Travel Rule Universal Solution Technology) — a system designed to adhere to the requirements of the travel rules. While crypto wallets such as MetaMask will remain unaffected, Coincheck emerges as the sole option for crypto exchange providers capable of sending and depositing funds within Japan.
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According to the information received, these restrictions are applicable to the 21 countries and territories that are obligated to provide information under the travel rules. However, this means that customers can still send and deposit crypto assets with exchanges based outside of these specific 21 countries.
Restrictions Limited To Specific Crypto Assets
In addition to the restrictions set for countries, there are limitations placed on the varieties of cryptocurrencies that are currently supported by TRUST. Among the wide range of digital assets handled by bitFlyer, Bitcoin (BTC) and Ethereum (ETH) will be subject to TRUST compliance. Furthermore, the crypto assets created under the ERC-20 standard, including Basic Attention Token (BAT), Chainlink (LINK), Polygon (MATIC), Maker (MKR), Shiba Inu (SHIB), and Palette (PLT), will also fall under TRUST’s purview.
The Travel Rule is a crypto regulation that is aimed at combating money laundering and terrorist financing. Moreover, it requires crypto platforms to collect and share personal data of senders and recipients involved in transactions exceeding a certain amount. With the revision of the law, crypto asset exchange companies in Japan will be obligated to provide the necessary information, such as the name of the sender/recipient and customer identification number, before transferring crypto assets.
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