As Japan prepares to adopt stricter AML rules on June 1, major domestic crypto exchange bitFlyer has enforced new Travel Rule restrictions on deposits and transfers.
Cryptocurrency exchanges in Japan are preparing for the enforcement of the Financial Action Task Force’s Anti-Money Laundering regulations known as the Travel Rule.the adoption of measures in response to the enforcement of stricter AML standards targeting crypto transactions in Japan.
BitFlyer has introduced restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology network. by major industry firms like Coinbase and Crypto.com, Trust is a platform allowing exchanges to securely manage customer data legally required by the Travel Rule.BitFlyer’s latest restrictions relate to 21 countries and regions that require information notification based on the Travel Rule. In the announcement, the listed countries and regions are shown in the table, including jurisdictions like the United States, Canada, Hong Kong, Singapore and others.
There are also restrictions on the types of crypto assets supported by TRUST. BitFlyer currently facilitates TRUST transactions for cryptocurrencies like Bitcoin (
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