• BitFlyer has announced the adoption of measures in response to stricter AML regulations targeting crypto transactions in Japan
• The exchange is introducing restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network.
• BitFlyer still supports transactions to and from self-custody wallets like MetaMask.
BitFlyer Adopts Crypto Deposit Limits
Cryptocurrency exchanges in Japan are preparing for the enforcement of the Financial Action Task Force’s Anti-Money Laundering (AML) regulations known as the Travel Rule.
Adopting Restrictions on Transactions Between Exchanges
On May 30, major Japanese crypto exchange bitFlyer announced the adoption of measures in response to the enforcement of stricter AML standards targeting crypto transactions in Japan.
BitFlyer has introduced restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network.
Trust is a platform allowing exchanges to securely manage customer data legally required by the Travel Rule. BitFlyer currently facilitates TRUST transactions for cryptocurrencies like Bitcoin (BTC) and Ether (ETH), as well as ERC-20 assets like Shiba Inu (SHIB), Polygon (MATIC) and others.
Effective immediately, BitFlyer’s new AML restrictions apply to all corporate and individual customers who deposit and send crypto assets using the exchange. Coincheck is currently listed as only Japanese exchange part of Trust, with support for BTC transactions via TRUST.