BVOX officially became a member of the CODE VASP Alliance on March 13, 2024 (UTC+8), to comply with the Travel Rule regulations recommended by the Financial Action Task Force (FATF).
As early as 2023, BVOX successfully joined another major global Travel Rule compliance solution, the VerifyVASP Alliance. Our recent integration with the CODE VASP signifies BVOX as the 7th global cryptocurrency exchange to simultaneously gain recognition from two major global Travel Rule organizations, following platforms like Bybit, HTX, and OKX. This underscores BVOX's commitment to enhancing compliance standards and strengthening its security infrastructure in the cryptocurrency domain.
A Closer Look at the CODE and VerifyVASP Alliances
CODE (Connect Digital Exchanges) was co-founded by three South Korean virtual asset exchanges (Bithumb, Coinone, Korbit) and stands as the sole Travel Rule consortium in South Korea. CODE provides VASP with specialized technical solutions and customized compliance services, aligning with the global Travel Rule standards set by FATF and regulatory bodies.
VerifyVASP is a Singapore-based B2B service provider that assists Virtual Asset Service Providers (VASPs) in complying with the Travel Rule requirements established by the Financial Action Task Force (FATF).
In accordance with the amended Special Financial Transaction Information Act in March 2021, all cryptocurrency exchanges in South Korea are required to implement appropriate Travel Rule solutions. Travel Rule sets global standards for VASP to combat money laundering and terrorist financing, requiring exchanges to disclose cryptocurrency transactions involving 1 million South Korean won (approximately $806.68) or more.
By joining the CODE and VerifyVASP Alliances, BVOX assures users of compliance with the latest Anti-Money Laundering (AML) regulations. This means that cryptocurrencies can freely flow between BVOX and South Korean FATF-compliant exchanges, benefiting both exchanges and users.
Embracing Regulation, Safeguarding User Security
BVOX actively responds to the evolving regulatory environment. Through close collaboration with the CODE and VerifyVASP solutions, we will continue to enhance compliance standards, strengthen security measures, and ensure asset disclosure to safeguard user assets and ensure trading compliance.
As a member of the CODE and VerifyVASP Alliances, BVOX remains committed to creating a safer, more transparent, and compliant trading ecosystem. We will actively participate in alliance activities, promote industry development, and normalize operations to provide compliant and secure trading services for global users.
BVOX Team
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