NEW YORK / TORONTO, Ontario , December 3, 2021 - Bitbuy, Canada’s most secure and trusted platform for Bitcoin, Ethereum, and other Cryptocurrencies has implemented Notabene's end-to-end protocol-agnostic solution for crypto regulatory compliance to meet Canada's December 1, 2021 Travel Rule deadline for dealers in virtual currencies.
Notabene will enable Bitbuy to work through the various Travel Rule scenarios taking an industry-leading role in meeting its Canadian and global regulatory requirements. Notabene’s open solution supports integration of multiple protocols, enabling Virtual Asset Service Providers (VASPs) to send and receive counterparty information alongside blockchain transactions to any counterparty that uses the same infrastructure.
Global money-laundering body the Financial Action Task Force (FATF) introduced new guidelines that treat VASPs as regulated financial entities. Going forward, companies that custody and exchange virtual assets on behalf of customers will have to comply with existing regulatory requirements like banks, including the “Travel Rule,” which mandates collaboration to exchange identifying information of customers in transactions over a certain threshold. This is an incredibly difficult task given that blockchains are ill-equipped to transfer personal identifying information in a secure and private manner, in tandem with the exchange of value.
Bitbuy aims to deliver the highest levels of data privacy all while enabling participants to send the required Travel Rule data to the correct counterparty in a safeguarded manner for those VASPs that are participating in one of the networks that Notabene supports.
Joseph Iuso, Chief Anti-Money Laundering Officer, comments:
“With the Notabene implementation, Bitbuy will be able to meet its obligations related to the Travel Rule in a compliant, safe and secure manner”
Pelle Braendgaard, CEO of Notabene, says:
“As one of the leading cryptocurrency exchanges in Canada, Bitbuy is setting best-in-class standards for compliance with the new Travel Rule guidelines, rolling out a robust, yet open compliance system. We look forward to working with the Bitbuy team as they continuously ensure safe and secure access to cryptocurrencies for their customers.
Notabene regularly holds strategic Travel Rule compliance testnets that benefit all stakeholders in the community, including a recent cross-jurisdictional testnet under the observance of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Bitbuy Technologies Inc is a Canadian-owned and operated cryptocurrency company. The company’s mission is to provide convenient, dependable, and secure access to Bitcoin and other digital currencies. Bitbuy currently operates out of downtown Toronto, and Halifax, and is registered with FINTRAC as a Money Services Business as a Dealer in Virtual Currencies. Bitbuy was founded in 2016 and is currently one of Canada’s largest cryptocurrency platforms by trading volume. Bitbuy offers crypto trading services to beginners, advanced traders, and corporations.
Notabene is a reg-tech SaaS solution that turns regulatory compliance into a competitive advantage. Notabene is working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Companies leverage our end-to-end FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage global transactions from one dashboard. Trusted by leading exchanges, Luno, Bitso, Crypto.com, and more. Notabene is headquartered in New York with offices in Zug and Santiago de Chile.
Bitbuy Technologies Inc.
Alice Nawfal, COO, Notabene