The cryptocurrency exchange Binance has launched the CipherTrace Traveler solution to comply with the FATF Travel Rule.
Launched in March 2021, Traveler is designed to assist virtual asset service providers (VASPs) in meeting regulatory requirements.
“We continue to invest in our compliance program and technology to further strengthen our standards. We are proud to partner with CipherTrace in deploying their Traveler solution,” said Samuel Lim, Binance’s head of compliance.
Traveler automatically identifies VASP-to-VASP transfers and recipients by scanning addresses linked to incoming cryptocurrency transactions. It also preserves confidentiality and prevents data leaks.
Earlier in March, Binance hired former FATF officials as advisors on regulatory compliance and regulation.
In June, the regulator urged faster adoption of the Travel Rule requirements for the crypto industry.
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