BYDFi Joins CODE VASP Alliance to Enhance Compliance and Security in South Korea

On November 27, 2024, BYDFi announced its official membership in South Korea's CODE VASP Alliance.

Seychelles, December 16, 2024, Chainwire

On November 27, 2024, BYDFi announced its official membership in South Korea’s CODE VASP Alliance. The partnership includes successful integration with the Travel Rule compliance solution, ensuring adherence to South Korea’s regulatory standards for crypto transactions. CODE formally welcomed BYDFi’s participation with a post.

This important moment reflects BYDFi’s great attention to compliance and determined action and marks the crypto industry’s gradual progress toward a more transparent, secure, and trustworthy future.

CODE VASP: A Core Force for Compliance in Korea

The CODE VASP, founded by Korea’s top three crypto exchanges, Bithumb, Coinone, and Korbit, is Korea’s only industry platform focused on “Travel Rules” compliance. The Alliance aims to provide technical support to Virtual Asset Service Providers (VASPs) to fully comply with the Global Travel Rules requirements set by the Financial Action Task Force (FATF), thereby meeting stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standards.

Integrating the compliance services of VerifyVASP, BYDFi moved in step with strict regulations set by South Korea under the Act on Reporting and Using Specific Financial Transaction Information. The move will improve safety and transparency for cross-platform asset transfers and establish BYDFi as a secure and compliant platform.

BYDFi Official Insights: Why Joining the CODE Alliance Matters

Michael, Co-founder of BYDFi, emphasized the importance of this partnership: “After a year of dedicated effort, we are thrilled to announce our successful integration with CODE VASP’s compliance solution. This milestone ensures that BYDFi fully complies with South Korea’s latest AML regulations, marking significant progress in our global compliance strategy. This collaboration not only strengthens our platform but also enhances user security, underscoring our commitment to delivering a world-class crypto trading experience.”

This is an important milestone for BYDFi in its proactive approach toward compliance and innovation. The exchange is set to provide a secure and transparent home for trading with a view to cater to the demands of the South Korean market.

About BYDFi

Recognized by Forbes among the top 10 global crypto exchanges, BYDFi offers access to over 600 tokens and supports leverage trading up to 1:200x. The integration with popular payment providers like Banxa, Transak, and Mercuryo facilitates buying cryptocurrencies, making it seamless and cost-effective for users of all backgrounds to purchase cryptocurrencies.

The “BYDFi Copy Trading” function, soon to be launched, enables users to follow and reproduce the strategy of a top trader with just one click in order to optimize investments for maximum results. Continuing to develop innovative functions and always upholding the user-oriented philosophy, BYDFi is reaching the front line among the global leaders of safe, reliable, and intelligent crypto trading solutions.