Travel Rule Solutions Linked between Major Cryptocurrency Exchanges

UPbit, Bithumb, Coinone and Korbit have linked their travel rule solutions.

UPbit, Bithumb, Coinone and Korbit linked their travel rule solutions and cryptocurrency transfer between the four exchanges is now available again.

The transfer between UPbit and the others was blocked on March 25 regarding the travel rule stipulated in the Act on Reporting and Using Specified Financial Transaction Information, which is applied to every transfer equivalent to one million won or more.

UPbit uses VerifyVASP of Lambda 256 as its travel rule solution. Bithumb, Coinone and Korbit use CODE. They were required to link their solutions to comply with the rule.

The linking process is not required between cryptocurrency exchanges using the same travel rule solution. At present, VerifyVASP is in use at 15 exchanges, including Gopax, and CODE is in use at seven, including Wowpax and Bitfront.