• Japanese crypto exchange BitFlyer has recently issued an announcement regarding Shiba Inu (SHIB).
• The exchange is implementing the travel rule solution called “Travel Rule Universal Solution Technology” (TRUST), which will affect SHIB holders and users.
• Assets that are affected by this decision include BTC, ETH, and ERC-20 tokens such as BAT, LINK, MATIC, MKR, and SHIB.
Shiba Inu (SHIB) Receives Alert from BitFlyer
Japanese crypto exchange BitFlyer has recently released a warning to its users regarding Shiba Inu (SHIB). The exchange announced the implementation of the travel rule solution called “Travel Rule Universal Solution Technology” (TRUST). This restriction will be applicable to both individual and corporate customers who deposit and send crypto assets on the exchange.
Asset Types Limited
The assets that are limited by this decision include popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as ERC-20 tokens such as Basic Attention Token (BAT), Chainlink (LINK), Polygon (MATIC), Maker (MKR), Shiba Inu (SHIB), and Palette (PLT). These limitations are only applicable to 21 countries or regions including USA, Korea, Hong Kong etc.
Start Date for Travel Rule Compliance
The compliance with the travel rule is scheduled to begin on Tuesday, May 30th 2023 around 3:00 p.m. This implies that all deposits and transfers from exchanges or wallets must adhere to the travel rule requirements starting from this date in order for them to be supported on BitFlyer’s platform.
Purpose of Travel Rule
The Travel Rule is a regulatory requirement which mandates financial institutions to disclose specific customer information when transferring funds above a designated threshold to another financial institution. This regulation aims to promote transparency between institutions during high-value transactions while also promoting compliance with international laws.
BitFlyer’s announcement regarding Shiba Inu may have significant implications for SHIB holders and other asset types affected by it. It is important that users be aware of these limitations in order to ensure compliance with international regulations while also safeguarding their investments.