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BYDFi has made a significant announcement by joining the CODE VASP Alliance, marking a crucial step towards advancing regulatory efforts in Korea. This strategic move comes as no surprise, given the exchange’s commitment to upholding transparency and adhering to stringent regulations.
As BYDFi becomes an official member of the alliance, it underscores the importance of compliance with South Korean laws and regulations regarding anti-money laundering (AML) and counter-terrorism financing (CFT). BYDFi’s integration with VerifyVASP has successfully secured seamless Travel Rule compliance, ensuring a more secure and transparent environment for users.
The CODE VASP Alliance is particularly noteworthy in the context of the ongoing regulatory efforts in Korea. Founded by three prominent crypto exchanges – Bithumb, Coinone, and Korbit – it serves as the only industry-focused platform dedicated to enforcing “Travel Rules” requirements set forth by the Financial Action Task Force (FATF). The alliance’s primary objective is to supply VASPs with the technical support necessary for full compliance with South Korean regulations.
BYDFi’s involvement in this initiative demonstrates its unwavering commitment to innovation and transparency. BYDFI’s Co-founder, Michael, emphasized the significance of this partnership: “After a year of dedicated effort, we are thrilled to announce our successful integration with CODE VASP’s compliance solution. This milestone ensures that BYDFi fully complies with South Korea’s latest AML regulations, marking significant progress in our global compliance strategy.”
This development is particularly noteworthy, as it underscores the exchange’s dedication to providing a world-class crypto trading experience by fostering trust and confidence among users.
BYDFi has always prided itself on being a user-centric platform. This move reinforces this commitment, offering its clients unparalleled ease of access to over 600 tokens, coupled with advanced features such as leverage trading up to 1:200x and a forthcoming copy trading function.
Source: cryptopotato.com
