Bithumb, Upbit, Korbit, Coinone Implement Travel Rule... Solution Integration Delayed by One Month

[Asia Economy Reporter Lee Jung-yoon] Domestic cryptocurrency exchanges Bithumb, Upbit, Korbit, and Coinone announced on the 24th that they will comply with the Travel Rule, which will be enforced starting on the 25th.

The Travel Rule is a system designed to track the movement of cryptocurrencies. When an exchange that has obtained Virtual Asset Service Provider (VASP) status from the Financial Intelligence Unit (FIU) under the Financial Services Commission transfers cryptocurrency worth more than 1 million KRW to another VASP, the transferring party must provide information about both the sender and the receiver to the receiving party.

To comply with the Travel Rule, these exchanges plan to use CODE, the Travel Rule solution of Bithumb, Coinone, and Korbit, or VerifyVASP, Upbit's solution. After the system is implemented, cryptocurrency transfers between exchanges using the same Travel Rule solution will be possible sequentially as technical integration is completed.

Exchanges that have completed system integration with VerifyVASP include Upbit, TenAndTen, Prabang, Vblock, Platty Exchange, Gopax, Aprobbit, Cashierest, Foblgate, and Probit. Exchanges preparing system integration with CODE include Bithumb, Korbit, Coinone, Hanbitco, Bitfront, CoinNcoin, and Wowpax. Each exchange will proceed with Travel Rule compliance according to their preparation status.

However, the integration between CODE and VerifyVASP, which was being prepared to coincide with the Travel Rule enforcement, has been delayed, and full integration is expected to be completed by April 24. As a result, users of exchanges using different Travel Rule solutions will not be able to directly deposit or withdraw between exchanges for the time being. However, transferring to a personal cryptocurrency wallet and then depositing to another exchange remains possible.

They stated, "We will do our best to promptly complete the Travel Rule solution integration work to minimize inconvenience to our members."

This content was produced with the assistance of AI translation services.