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BitMart Selects CODE Solution for Complying with the Travel Rule in South Korea

By: Newsfile

Singapore, Singapore--(Newsfile Corp. - March 29, 2023) - On March 29, 2023, BitMart announced that it selected CODE solution to comply with the Travel Rule of FATF (Financial Action Task Force). CODE (Connect Digital Exchanges) is a Travel Rule solution jointly adopted by three major crypto exchanges in South Korea including Bithumb, Coinone, and Korbit.

The Travel Rule of FATF is a money tracing rule designed to require financial institutions to pass along information to one another for certain electronically-facilitated transfers, which also applies to the movements of virtual assets between virtual asset service providers.

All cryptocurrency 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 2021. For exchanges that received requests for deposit or withdrawal of cryptocurrency of 1 million Korean won (approximately $801.16 USD) and above, information including sender and recipient's name and their wallet address must be collected.

"The industry is marching towards compliance, and the promising cryptocurrency market needs to be more tightly regulated for better development," said Sheldon Xia, CEO and founder of BitMart. "BitMart is committed to advancing the blockchain industry and providing users with secure, transparent, and professional cryptocurrency services. We will fulfill our responsibilities in strengthening AML (Anti-Money Laundering) controls and working with CODE is an essential step."

BitMart has registered with FinCEN as a Money Services Business (MSB) pursuant to the Bank Secrecy Act and has been pursuing State level money transmitter licenses with authorized agencies. It has also been striving to comply with financial services and consumer protection laws and regulations, and have established contacts with governmental units in HK, Middle East, Europe and Latin America.

About BitMart

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 one of the lowest trading fees in the industry. To learn more about BitMart, visit their Website, follow their Twitter, or join their Telegram for updates. news and promotions. Download BitMart App to trade anytime, anywhere.

Social Media

English Telegram | BitMart Exchange Twitter | BitMart Futures Twitter | BitMart Homepage | BitMart App

Media contact
Contact: Yuan Yuan
Company Name: Bitmart
Website: http://www.bitmart.com
Email: yuanyuan@bitmart.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160365

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