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Crypto.com Becomes the First Cryptocurrency Exchange to Announce Global Travel Rule AML Compliance Using CipherTrace Traveler


Place/Date: Menlo Park, CA – May 3rd, 2021 at 1:00 pm UTC · 4 min read
Contact: Kili Wall,
Source: Crypto.com

Crypto.com has become the first cryptocurrency exchange to announce the use of CipherTrace‘s Traveler solution, the first commercial solution to enable compliance with global Anti-Money Laundering (AML) travel rule laws.

CipherTrace released Traveler in March in anticipation of increasing global enforcement of travel rule laws intended to prevent money laundering in cross-border cryptocurrency transactions. Traveler is designed to support virtual asset service providers (VASPs), including cryptocurrency exchanges, custody providers, OTC trading desks, banks and other financial institutions, to achieve compliance with the local transpositions of and the Financial Action Task Force’s (FATF) travel rule recommendation.

Notably, the FATF recently updated its proposed guidelines to expand VASP due diligence requirements. Traveler is uniquely able to help exchanges assess transaction risk and KYC weaknesses so they can take a risk-based approach to due diligence when onboarding counterparty VASPs.

Following the admission into International Digital Asset Exchange Association (IDAXA) and Global Digital Finance (GDF), this announcement reaffirms Crypto.com’s commitment to security and compliance, with the objective of becoming fully compliant in all markets where the company operates.

CipherTrace CEO Dave Jevans said,

“The stakes are high for crypto companies when it comes to meeting compliance standards, with fees and even jail time on the line, and so we are very pleased to announce Crypto.com as the first client using our Traveler product to ensure compliance with global travel rule AML standards. Traveler enables exchanges to overcome the sunrise issue, meeting their compliance obligations, even with VASPs in jurisdictions that have not yet codified travel rule guidance into local law.”

Antonio Alvarez, Chief Compliance Officer of Crypto.com shared,

“It is essential for cryptocurrency platforms to comply with laws and regulations globally, including AML standards, in order to promote and encourage 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.”

Traveler will enable VASPs to meet the FATF’s new proposed guidelines of sharing sensitive personally identifiable information (PII) to confirm cryptocurrency transactions in a secure and compliant manner. Greatly simplifying the user experience, Traveler automatically identifies VASP-to-VASP transfers as well as the recipient VASP. It also scans addresses associated with incoming cryptocurrency transactions and automatically verifies the originating VASP.

Traveler is the first commercial Travel Rule Information Sharing Alliance (TRISA.io) solution which performs counterparty VASP due diligence as prescribed by the FATF and issues Know Your VASP (KYV) digital certificates. Vetted VASPs can obtain and review the TRIXO due diligence questionnaire developed by GDF. This infrastructure helps assure the confidentiality of PII necessary by enforcing mutual authentication and strong encryption.

For media inquiries, please contact Kili Wall at (310) 260-7901 or [email protected]

About Crypto.com

Founded in 2016, Crypto.com today serves over 10 million customers with the world’s fastest growing crypto app, along with the Crypto.com Visa Card — the world’s largest crypto card program — the Crypto.com Exchange and Crypto.com DeFi Wallet. Recently launched, Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports.

Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.

Crypto.com is headquartered in Hong Kong with a 1,000+ strong team. Find out more by visiting the website.

About CipherTrace

CipherTrace, the leading cryptocurrency intelligence company, bridges virtual currencies and financial services together with fraud protection, anti-money laundering, and financial crime prevention. CipherTrace derives superior cryptocurrency intelligence from analyzing massive amounts of validated blockchain transaction attribution. CipherTrace founders are dedicated to protecting consumer privacy and growing the blockchain economy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies form the foundation for CipherTrace’s commercial offerings. For more information, visit CipherTrace.com, subscribe to the CipherTrace Newsletters, and follow us on Twitter @CipherTrace.





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