“Transparency is one of the core values at Bybit. And VerifyVASP gives us the data solution and technology to implement it at scale.”
Bybit has joined the VerifyVASP Alliance to streamline compliance with the Travel Rule requirements in a manner that also complies with personal data protection requirements.
The exchange will thus bring cryptocurrency transactions on its platform to comply with the Financial Action Task Force (FATF)’s guidance.
Bybit’s 6 million registered users stand to benefit from the compliance boost as it also means more safety for everyone and potential for mass adoption of cryptocurrencies.
The move is set to strengthen anti-money laundering (AML) effectiveness by enhancing compliance standards at the infrastructure level.
Bybit will contribute to the data quality and validation efficiency of the decentralized protocol for secure information sharing between VASPs in the network.
Compliance with the Travel Rule via VerifyVASP is…