BitMart, a global digital assets trading platform, has announced its compliance with the Travel Rule regulations recommended by the Financial Action Task Force (FATF) by connecting with CODE, a Travel Rule solution adopted by three major South Korean crypto exchanges: Bithumb, Coinone, and Korbit. All crypto exchanges in South Korea are required to implement a proper Travel Rule solution in accordance with the Special Financial Transaction Information Act revised in March 2022. The Travel Rule is a money tracing regulation designed to help authorities track the movement of virtual assets between virtual asset service providers (VASPs) such as crypto exchanges or digital asset issuers. It sets a global standard for VASPs to combat money laundering and terrorist financing, requiring exchanges to disclose cryptocurrency transactions involving 1 million Korean won (approximately $806.68 USD) and above. BitMart’s CEO and founder, Sheldon Xia, stated that the company is committed to advancing the blockchain industry and providing users with secure, transparent and professional cryptocurrency services while complying with regulatory obligations and strengthening Anti-Money Laundering (AML) through the CODE solution. BitMart currently offers over 1000 trading pairs with low trading fees and has millions of users globally.
“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 AML (Anti-Money Laundering) through the CODE Travel Rule solution.” – Sheldon Xia, CEO and founder of BitMart.
– BitMart announcement: https://www.bitmart.com/en/announcement/250804
– CODE website: https://codemethod.io/
– Bithumb website: https://www.bithumb.com/
– Coinone website: https://coinone.co.kr/
– Korbit website: https://www.korbit.co.kr/
– Special Financial Transaction Information Act: http://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=227094&efYd=20220511&nwYd=20220511&searchClsCd=&pagingYn=Y#0000
– BitMart Twitter: https://twitter.com/BitMartExchange
– BitMart homepage: https://www.bitmart.com/en-US
– BitMart app: https://www.bitmart.com/app/en
– Sign up on BitMart: https://www.bitmart.com/register/en-US?r=SOCIALS