Crypto.com Becomes First Company to Add CipherTrace Tool to Comply with New FATF Travel Rule

Crypto.com, a Hong Kong-based cryptocurrency payment platform with more than 3 million users, was the first to use CipherTrace's new travel tool to comply with global travel laws and FATF Anti-Money Laundering (AML) laws. Recently updated FATF directives are considered quite complex, and therefore a CipherTrace compliant solution makes it easy for crypto companies to comply with updated regulations. Crypto.com Chief Compliance Officer Antonio Alvarez said: “It is essential that cryptocurrency platforms comply with laws and regulations around the world to encourage and encourage adoption by the general public, including AML standards. CipherTrace's Traveler solution ensures that our partners and customers Crypto.com adhere to global guidelines that are fundamental to the long-term viability of the cryptocurrency ecosystem. “The FATF has updated AML guidelines with Virtual Asset Service Providers (VASPs) that require crypto companies to comply with strict KYC rules and update required information with regulatory authorities. CipherTrace launched Traveler in March in anticipation of new FATF guidelines. Guidelines CipherTrace launched the Traveler editing tool in March in anticipation of new FATF guidelines that require VASPs to update sensitive personally identifiable information (PII) to securely and compliantly confirm cryptocurrency transactions. It is convenient and easy for crypto companies to authorize and facilitate VASP to VASP transactions while following all required FATF guidelines. CipherTrace CEO Dave Jevans said, “When it comes to meeting compliance standards, the risks are high for crypto companies when it comes to fees and even jail time, so we are delighted to announce Crypto .com as the first customer. Using our Traveler product to comply with global travel regulations and AML Standards. Gezgin enables exchanges to overcome the sunrise problem and fulfill their compliance obligations

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