BYDFi Joins South Korea's CODE VASP Alliance for Enhanced Crypto Compliance

BYDFi Joins CODE VASP Alliance

On November 27, 2024, BYDFi announced its membership in South Korea's CODE VASP Alliance, focusing on compliance with crypto transaction regulations. This strategic move underscores BYDFi's commitment to adhere to South Korea's regulatory standards, promoting a secure and transparent crypto industry.

Importance of CODE VASP

CODE VASP, formed by leading Korean crypto exchanges Bithumb, Coinone, and Korbit, plays a pivotal role in ensuring compliance with "Travel Rules" required by the Financial Action Task Force (FATF). The Alliance supports Virtual Asset Service Providers (VASPs) in meeting Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standards, crucial for secure asset exchanges.

Enhanced Compliance Through VerifyVASP

BYDFi's integration with VerifyVASP complies with South Korea's Act on Reporting and Using Specific Financial Transaction Information. This integration enhances safety and transparency in cross-platform asset transfers, positioning BYDFi as a reliable and compliant trading platform.

Strategic Insights from BYDFi

BYDFi's co-founder highlighted the significance of this partnership as a milestone in their global compliance strategy. The collaboration with CODE VASP strengthens BYDFi's platform and enhances user security, aligning with their commitment to providing a world-class crypto trading experience.

About BYDFi

Ranked among the top 10 global crypto exchanges by Forbes, BYDFi offers access to over 600 tokens and supports leverage trading up to 1:200x. Partnerships with payment providers like Banxa, Transak, and Mercuryo streamline cryptocurrency purchases. The upcoming "BYDFi Copy Trading" feature aims to optimize investment strategies for users globally, further cementing BYDFi's position as a leader in secure and intelligent crypto trading solutions.