On Mar. 29, 2023, BitMart announced that it connected with CODE (Connect Digital Exchanges) to comply with the Travel Rule regulations recommended by the Financial Action Task Force (FATF).
CODE is a Travel Rule solution jointly adopted by three major crypto exchanges in South Korea, including Bithumb, Coinone and Korbit.
The Travel Rule is a money tracing regulation recommended by the FATF designed to help authorities track the movement of virtual assets between virtual asset service providers (VASPs) such as crypto exchanges or digital asset issuers.
All cryptocurrency exchanges in South Korea are required to implement proper Travel Rule solutions in accordance with the Special Financial Transaction Information Act revised in March 2021. The Travel Rule sets a global standard for VASPs to combat money laundering and terrorist financing, and requires exchanges to disclose cryptocurrency transactions involving 1 million Korean won (approximately $806.68) and above.
Sheldon Xia, founder and CEO of BitMart, said:
“The industry is marching toward compliance, and the promising cryptocurrency market needs to be more tightly regulated for better development. BitMart, as the most trusted cryptocurrency trading platform, is committed to advancing the blockchain industry, and providing users with secure, transparent and professional cryptocurrency services. We will fulfill our responsibilities to be a secure exchange by complying with regulatory obligations and strengthening Anti-Money Laundering through the CODE Travel Rule solution.”
BitMart Exchange is a premier global digital assets trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinMarketCap, BitMart currently offers 1000+ trading pairs with some of the lowest trading fees in the industry. To learn more about BitMart, visit our website, follow our Twitter or join our Telegram for updates, news and promotions. Be sure to download the BitMart app to easily trade your favorite crypto anytime, anywhere.
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