Coinut Integrates Notabene’s Travel Rule Solution For More Secure Transactions
Amid the FATF Travel Rule extending to cryptocurrency companies in 2019, Coinut integrates Notabene’s Travel Rule Solution for more secure transactions.
SINGAPORE - 3 October 2022 - As part of the FATF Travel Rule extending to cryptocurrency companies in 2019, Coinut (Coin Ultimate Trading), a leading mobile and web app-based cryptocurrency exchange located in Toronto and Singapore, is utilizing the complete Travel Rule Solution of a market-leading crypto Travel Rule compliance service provider, Notabene. This partnership will help Coinut commence its Travel Rule compliance roll-out in FATF-regulated countries, especially in Canada and Singapore.
As the demand for crypto rises across global markets, regulators are adopting rules for digital payment token service providers to prevent money laundering, counter the financing of terrorism and safeguard the consumers. The Travel Rule for Virtual Assets calls for organisations that deal in cryptocurrencies to share information of the originator (sender) and beneficiary (receiver) between Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges like Coinut. The FATF Crypto Travel Rule aims to assist law enforcement agencies in better tracking criminals who utilise cryptocurrency to launder money, most especially in FATF-regulated countries such as Singapore, Canada, South Korea, Japan, Switzerland, Liechtenstein, Estonia, Gibraltar and Germany.
With the use of Notabene's global VASP Counterparty Verification Network to manage counterparty risks, Coinut can automate transactions with counterparty VASPs while giving them access to the data they require to identify suspicious activity (i.e., originator name, account number, physical address, national identity number, customer identification number or other unique number, date of birth and place of birth, beneficiary name and account number or virtual wallet number). Notabene's global VASP Counterparty Verification Network pulls data from various different sources, e.g., public registries, documents provided by VASPs, etc. and functions as a centralised database to source relevant information about counterparty VASPs. With Notabene's solution permitting VASPs to set risk-based rules, Coinut can quickly identify and verify business partners and faithfully be in-line with the global compliance standards for anti-money laundering (AML) and counter terrorist financing (CTF) and protect the platform’s users as well as their respective communities.
Pelle Braendgaard, CEO of Notabene, commented, "With Coinut's ongoing dedication to compliance, it has delivered cryptocurrency products to users around the world. We are delighted to see how our solution might assist Coinut in their objective to improve the world's financial system."
Xinxi Wang, CEO & Co-Founder of Coinut, said, “Singapore has been and still aims to be the hub of fintech, including blockchain and cryptocurrency, in Asia. Being one of the earliest cryptocurrency exchanges in the country, Coinut is steadily dedicated to bringing a trusted and safe platform that is aligned with the global financial regulations for our users across the globe. We are pleased to impart our partnership with Notabene in complying with FATF’s Crypto Travel Rule and for enormously helping us in seamlessly handling the process of collecting personal data from cryptocurrency transactions and monitoring them for money laundering and financial crimes, particularly for transfers to and fro crypto exchanges and wallets of our users in FATF-regulated countries, e.g., Singapore, Canada, South Korea, Japan and more. With this and more initiatives and partnerships in the future, our vision for Coinut as a safe, secure and fast cryptocurrency exchange is adeptly reinforced to our growing global community.”
For more information on Coinut, please visit https://coinut.com/
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About COINUT
Coinut (COIN Ultimate Trading) is a cryptocurrency exchange platform that offers secure, fast, user-friendly and low transaction fees. It guarantees an offline wallet and semi-manual process of big withdrawals for fraud protection. It allows the trading of cryptocurrencies and stablecoins (BTC, LTC, ETH, USDT, XSGD) on the platform and allows deposits using debit/credit card and mobile payment apps. It supports Bitcoin, Litecoin and Ethereum with US and Singapore dollars onramp and offramp. Founded by one of the Co-founders of the Litecoin Foundation, Coinut has been in operation for 9 years since 2013 and is one of the earliest cryptocurrency exchanges in Singapore with a subsidiary in Canada. It is regulated as a Money Service Business in Canada and is supported by Boost VC from Silicon Valley, Bitmain from Beijing, and the National University of Singapore Enterprise from Singapore. Currently, Coinut boasts 1.3M active global users on the platform.
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About NOTABENE
Notabene is on a mission to make secure and trusted crypto transactions a part of the everyday economy. Using privacy-preserving technology, our full-service software helps virtual asset service providers (VASPs) turn regulatory compliance into a competitive advantage. Notabene’s market-leading Travel Rule compliance solution enables financial institutions, crypto exchanges, and custodians to comply with international AML regulations and guidelines. Companies such as Luno, Bitso, Crypto.com, Bitstamp, Cross River Bank, and others leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions. Headquartered in New York, Notabene is a global company with presence in Switzerland, Singapore, and the United Kingdom.
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This Press Release was published in Singapore Yahoo! Finance, Media OutReach, European Business Magazine, Taiwan News, Vietnam News, Laotian Times, MY Sinchew, AsiaOne, News Patrolling, and BrandSpur.
IMPORTANT NOTE: 📢
Coinut.com is a financial entity regulated in Canada and an exempt entity under the Payment Services Act in Singapore. Please be reminded that cryptocurrency trading is highly risky and is not suitable for the general public. For more info, please visit: https://coinut.zendesk.com/hc/en-us/articles/4404321496345-Disclosure-Statement
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