Virtual Asset Exchange Borabit Joins VerifyVASP Alliance
[Asia Economy Reporter Junho Hwang] Virtual asset exchange 'Borabit' announced on the 8th that it has joined the VerifyVASP alliance, a travel rule solution by Lambda256, the blockchain service platform operator of Dunamu, with its self-developed anti-money laundering solution 'CryptoGuard'.
VerifyVASP, applied to Borabit exchange on the 8th, is a blockchain-based solution that complies with the recommendations of the Financial Action Task Force (FATF). It is highlighted for its personal information protection features and data security, and currently, more than 10 exchanges including Borabit, Upbit, Gopax, and Cashierest have joined the alliance. Exchanges integrated with the solution can collect identity information of virtual asset senders and receivers, support convenient integration through distributed protocols, and handle all types of virtual asset transfers.
Borabit exchange, operated by Banko Co., Ltd., which was awarded the Minister of Science and ICT Award in 2020 for contributions to blockchain industry development, developed the anti-money laundering solution 'CryptoGuard' last year.
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A Borabit representative stated, "Borabit exchange is making every effort to enhance the anti-money laundering system by rapidly applying various solutions, strengthening monitoring and internal controls over overall money laundering risks, and completely revamping transaction reporting."
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