At bitFlyer USA, we are committed to maintaining transparency and complying with applicable U.S. regulatory requirements. As part of this commitment, we would like to inform you about our implementation of the Travel Rule.
Regulatory Basis
In the United States, the Travel Rule is established under the Bank Secrecy Act (BSA) and its implementing regulations issued by the Financial Crimes Enforcement Network (FinCEN) (31 CFR § 1010.410(f)). These requirements apply to Money Services Businesses (MSBs), including cryptocurrency exchanges and other Virtual Asset Service Providers (VASPs).
Under FinCEN guidance, covered institutions must collect, retain, and transmit certain information for qualifying cryptocurrency transactions in order to support anti-money laundering (AML) and counter-terrorist financing (CTF) efforts. These requirements are aligned with the Financial Action Task Force (FATF) Travel Rule standards.
What is the Travel Rule?
The Travel Rule is a regulatory requirement (please see above) designed to enhance the security and transparency of cryptocurrency transactions. It mandates that certain information about the originator and beneficiary of cryptocurrency transactions must be collected and shared to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
How This Affects You:
- Personal Information Collection: We may request details about the destination of your funds, including personal information, to ensure compliance with the Travel Rule.
- Transfer Availability: Certain cryptocurrency transfers may be limited or unavailable due to Travel Rule compliance requirements.
Transaction Processing Implications:
If we do not receive the requested information, your transaction may be delayed and/or cancelled. These measures are in place to ensure the security of your transactions and compliance with regulatory standards. Please refer to our Terms of Use for more information.
Third-Party Verification:
Please note that the information you provide will be verified using third-party services to ensure accuracy and compliance.