- BitFlyer releases important warnings for its users.
- The Japanese exchange announced the implementation of the travel rule.
- The limitations will also affect Shiba Inu.
Japanese crypto exchange BitFlyer has recently issued an announcement regarding Shiba Inu (SHIB), which may be of significance to SHIB holders and users. The exchange has decided to address travel rules, with Shiba Inu being one of the crypto assets affected by this decision.
Shiba Inu to face restrictions on BitFlyer
BitFlyer has made an announcement regarding the implementation of the travel rule solution called “Travel Rule Universal Solution Technology” (TRUST). This solution will be applicable to both individual and corporate customers who deposit and send crypto assets on the exchange. The compliance with the travel rule is scheduled to begin on Tuesday, May 30, 2023, around 3:00 p.m.
Under the TRUST solution, certain crypto assets handled by BitFlyer will be subject to the travel rule. These assets include popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as ERC-20 tokens such as Basic Attention Token (BAT), Chainlink (LINK), Polygon (MATIC), Maker (MKR), Shiba Inu (SHIB), and Palette (PLT).
It is worth noting that BitFlyer has stated it will only support cryptocurrency deposits and transfers from exchanges or wallets that adhere to the travel rule requirements starting May 30.
The Travel Rule is a regulatory requirement that mandates financial institutions to disclose specific customer information when transferring funds above a designated threshold to another financial institution. This rule aims to promote transparency and regulatory compliance by facilitating the sharing of essential information between institutions during high-value transactions.