bitFlyer Announces Restrictions for Crypto Remittance and Deposit

A well-known Japan-based crypto exchange platform bitFlyer has announced an exclusive development that can put a great impact on its further operations. The respective development was witnessed on the 30th of May. The platform has taken the respective approach to comply with the country’s recent travel rules.

bitFlyer Implement Limitations on Crypto-based Deposits and Transactions

As a result of Japan’s travel rules, the crypto exchange has announced the implementation of some restrictions on the entirety of the corporate as well as the individual clients. In this way, the consumers engaged in depositing and sending cryptocurrency through bitFlyer will be subject to the latest restrictions declared by the crypto exchange.

The platform added that the above-mentioned limitations’ implementation will take place on the same day. According to the new restrictions, the crypto transactions and transfers carried out through the platform will be limited to crypto exchange entities that have implemented the Travel Rule Universal Solution Technology (TRUST). The respective set of rules is a system that abides by the travel rule.

The consistent availability of the crypto wallets like MetaMask will be ensured by the platform. Nonetheless, Coincheck will be the sole option to be availed by the crypto exchange companies for depositing and sending the funds within the Japanese jurisdiction. Nevertheless, the respective limitation is restricted to twenty-one regions and countries that need to provide information in line with the travel rules.

This signifies that cryptocurrency can be deposited and sent with the crypto exchanges that exist outside the respective twenty-one countries. In addition to this, there are also some other restrictions. They deal with the forms of crypto assets that are supported by the TRUST rules. Keeping that in view, among the crypto assets operated by bitFlyer, Ethereum (ETH) and Bitcoin (BTC) are subject to Japan’s TRUST regulation.

Users Will Be Allowed to Trade Ethereum between bitFlyer and Coincheck

Apart from that, the crypto tokens developed on the ERC-20 standard are also categorized in that class. These tokens take into account Palette (PLT), Shib (SHIB), Maker (MKR), Polygon (Polygon), Chainlink (LINK), and Basic Attention Token (BAT). Bitcoin is known as the sole crypto asset that can be transferred and deposited between bitFlyer and Coincheck. bitFlyer incorporated the token as Coincheck is continuously making progress. In the future, the trade of Ethereum (ETH) as well as other ERC-30 crypto assets will be possible.