On November 27, 2024, BYDFi announced its official membership in South Korea's CODE VASP Alliance. This integration aims to comply with the Travel Rule standard and ensure the security of cryptocurrency transactions.
CODE VASP Alliance: Rationale and Objective
CODE VASP, founded by South Korea’s leading cryptocurrency exchanges, Bithumb, Coinone, and Korbit, is the country’s only industry platform focused on Travel Rules compliance. The Alliance provides technical support to Virtual Asset Service Providers (VASPs) to fully comply with the Global Travel Rules requirements set by the FATF, thus meeting stringent AML and CFT standards.
Importance of BYDFi's Joining
The integration of VerifyVASP's solutions helps BYDFi comply with South Korea's strict regulations. This will ensure the safety and transparency of transactions, establishing BYDFi as a secure and compliant platform.
About BYDFi
Recognized by Forbes as one of the top 10 global crypto exchanges, BYDFi offers access to over 600 tokens and supports leverage trading up to 1:200. Innovations include a copy trading function, allowing users to follow top traders' strategies.
Membership in the CODE VASP Alliance is a significant step for BYDFi in their compliance and innovation strategy, strengthening their presence in the South Korean market and fostering transparent and secure cryptocurrency transactions.
