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Shiba Inu (SHIB) Receives Vital Alert from Prominent Japanese Exchange BitFlyer

30.05.2023
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Shiba Inu (SHIB) Receives Vital Alert from Prominent Japanese Exchange BitFlyer

  • 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.

Asset types are also limited, including only BTC, ETH, and ERC-20 tokens such as BAT, LINK, MATIC, MKR, and SHIB. This restriction is limited to 21 countries and regions (USA, Korea, Hong Kong, etc.)

— Wu Blockchain (@WuBlockchain) May 30, 2023

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.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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