Crypto.com Integrates CipherTrace’s Traveler Solution
- CipherTrace’s Traveler enables VASPs to comply with FATF’s travel rule recommendations.
- Integrating Traveler makes Crypto.com the first exchange to introduce a global travel rule AML solution.
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In a press release published on 3 May, the exchange announced the use of CipherTrace’s Traveler solution, which was released in March as an answer to increasing global AML travel rule laws enforcement. Traveler was designed to support virtual asset service providers (VASPs), including cryptocurrency exchanges, custody providers, OTC trading desks, banks, etc. The solution enables institutions to achieve compliance with the local transpositions of the Financial Action Task Force’s (FATF) travel rule recommendation.
In a recent update to its proposed guidelines, FATF expanded due diligence requirements for VASPs. Traveler will enable VASPs to meet the new guidelines for sharing sensitive personally identifiable information (PII) to confirm crypto transactions. CipherTrace’s solution automatically identifies VASP-to-VASP transfers, as well as the recipient VASP.
According to Crypto.com, Traveler is the first commercial Travel Rule Information Sharing Alliance (TRISA.io) solution that performs FATF-compliant due diligence. It also issues Know Your VASP (KYV) digital certificates to crypto exchanges and other financial service providers.
Antonio Alvarez, the Chief Compliance Officer at Crypto.com, said that complying with global AML standards and laws is essential for promoting and encouraging mainstream adoption.
“CipherTrace’s Traveler solution assures our partners and our customers that Crypto.com is in compliance with global guidelines, which are fundamental to the long-term viability of the cryptocurrency ecosystem,” he explained.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
- Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
- Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.