Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- BitFlyer issues significant alerts for its users.
- The Japanese exchange has announced the enforcement of the travel rule.
- These restrictions will also impact Shiba Inu.
The Japanese cryptocurrency exchange BitFlyer has recently made a statement concerning Shiba Inu (SHIB), which may be relevant for SHIB holders and users. The exchange has opted to implement travel rules, with Shiba Inu being one of the digital assets influenced by this decision.
Types of assets are also restricted, including only BTC, ETH, and ERC-20 tokens such as BAT, LINK, MATIC, MKR, and SHIB. This limitation applies to 21 countries and regions (USA, Korea, Hong Kong, etc.)
— Wu Blockchain (@WuBlockchain) May 30, 2023
Related Posts
Shiba Inu to encounter limitations on BitFlyer
BitFlyer has announced the adoption of a travel rule solution known as “Travel Rule Universal Solution Technology” (TRUST). This solution will apply to both individual and corporate clients who deposit and transfer crypto assets on the platform. Compliance with the travel rule is set to commence on Tuesday, May 30, 2023, at approximately 3:00 p.m.
Under the TRUST framework, specific crypto assets managed by BitFlyer will be subject to the travel rule. These assets encompass well-known cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), along with ERC-20 tokens including Basic Attention Token (BAT), Chainlink (LINK), Polygon (MATIC), Maker (MKR), Shiba Inu (SHIB), and Palette (PLT).
It is important to highlight that BitFlyer has indicated it will only accept cryptocurrency deposits and transfers from exchanges or wallets that comply with the travel rule stipulations starting May 30.
The Travel Rule is a regulatory obligation that requires financial institutions to reveal specific customer details when transferring funds exceeding a certain threshold to another financial institution. This rule is designed to enhance transparency and regulatory adherence by facilitating the exchange of crucial information between institutions during high-value transactions.
