BitMart, Introduces CODE Solution to Comply with Domestic Travel Rule Regulations

BitMart, a global cryptocurrency exchange based in New York, USA, announced that it will adopt the CODE solution to comply with domestic Travel Rule regulations.

Celebrating its 5th anniversary this year, BitMart is a global digital asset trading platform used by millions worldwide, supporting various types of trading including currency trading, over-the-counter trading, and decentralized trading. It currently provides services in over 180 countries and regions, with more than 9 million users. Major projects such as XPLA, the governance coin of the blockchain mainnet led by Com2uS Holdings and the Com2uS Group, and WEMIX, the native coin of the blockchain gaming platform WEMIX PLAY, are listed on BitMart.

Sheldon Xia, CEO and founder of BitMart, stated, "The industry is moving towards compliance, and strict regulations are necessary for the better development of the promising cryptocurrency market. As a global cryptocurrency exchange, BitMart is committed to the industry's growth and will take responsibility to provide safe and transparent cryptocurrency services to the blockchain industry and users."

He added, "To this end, strengthening AML (Anti-Money Laundering) controls and collaborating with CODE is considered an essential step," explaining the reason for partnering with CODE.

Meanwhile, CODE is a Travel Rule solution company established by Korea's top three virtual asset exchanges?Bithumb, Coinone, and Korbit. It was founded following the implementation of the revised Specific Financial Information Act, which introduced the Travel Rule in South Korea for the first time worldwide.

The Travel Rule is a regulation imposed by the Financial Action Task Force (FATF) that requires virtual asset service providers to collect information on both the sender and receiver during virtual asset transfers to prevent money laundering. This year, Japan and the United Kingdom have announced plans to implement the Travel Rule, and with FATF's announcement to disclose each country's Travel Rule compliance status in the first quarter of next year, the international implementation of the Travel Rule is expected to expand.