BitFlyer Supports Transactions to and from Self-Custody Wallets like MetaMask Despite Exchange Restrictions.
Japanese Cryptocurrency Exchanges Prepare for Implementation of Travel Rule Anti-Money Laundering Regulations.
BitFlyer, a leading Japanese cryptocurrency exchange, has introduced new measures in response to stricter anti-money laundering (AML) regulations governing crypto transactions in Japan, which will come into effect on May 30.
BitFlyer has implemented restrictions on deposits and transfers, limiting transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network. TRUST is a platform used by major industry firms such as Coinbase and Crypto.com, enabling secure management of customer data required by the Travel Rule.
How the TRUST network works. Source: Notabene
BitFlyer has implemented new restrictions that apply to 21 countries and regions, where information notification is required under the Travel Rule. The list includes countries such as the United States, Canada, Hong Kong, Singapore, and others.
Also Read This :Â Binance Resumes TORN Deposits, After Passing New Proposal
BitFlyer has imposed restrictions on the types of cryptocurrencies supported by TRUST. Currently, the exchange allows TRUST transactions for popular cryptocurrencies such as Bitcoin (BTC) with a value of $27,979 and Ether (ETH) with a value of $1,915. It also includes ERC-20 assets like Shiba Inu (SHIB) with a value of $0.000009, Polygon (MATIC) with a value of $0.9110, and others.
Starting immediately, BitFlyer has implemented new anti-money laundering (AML) restrictions that affect both individual and corporate customers who deposit and send cryptocurrency assets using the exchange. As per the announcement, Coincheck is currently the only Japanese exchange connected to the TRUST network and is able to transact with bitFlyer.
Presently, both Coincheck and bitFlyer only support Bitcoin (BTC) transactions through TRUST. However, bitFlyer has mentioned that they plan to add more cryptocurrencies, including Ethereum (ETH) and ERC-20 tokens, in the near future.
Despite implementing strict restrictions on transactions between exchanges, bitFlyer continues to allow transactions to and from self-custody wallets like MetaMask.
As of June 1, Japan is preparing to enforce new anti-money laundering (AML) restrictions in the cryptocurrency sector. On May 23, the Japanese parliament made the decision to enhance AML measures in order to align the country’s crypto regulations with global standards.
The updated rules mandate that any platform facilitating a cryptocurrency transfer exceeding $3,000 must share customer data with the receiving exchange or institution involved in the transaction.
Important:Â This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
Join Cryptos Headlines Community: https://linktr.ee/cryptosheadlines.com
