ROAD TOWN, British Virgin Islands, October 22 2021 - Bitfinex, a state-of-the-art digital token trading platform will begin testing Notabene's end-to-end protocol-agnostic solution for crypto regulatory compliance.
Notabene will enable Bitfinex to test complex Travel Rule transactions in a low-risk, collaborative environment as the exchange prepares for the new rules and takes an industry leading role in meeting global regulatory requirements. Notabene’s open solution supports integration to 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 watchdog the Financial Action Task Force (FATF) introduced new guidelines that treat crypto companies 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 similar to banks, including the “Travel Rule,” which mandates collaboration to exchange identifying information of customers in transactions over a certain threshold. This is a daunting task as blockchains are ill-equipped to transfer personal identifying information in a secure and private manner, in tandem with the exchange of value.
After successful integration of Notabene’s Travel Rule solution, Bitfinex aims to deliver the highest levels of data privacy while enabling participants to send the required Travel Rule data to the correct counterparty in a safeguarded manner.
Paolo Ardoino, CTO of Bitfinex
“As the preeminent, leading exchange in the trading of bitcoin, Bitfinex has always taken a leading role in meeting new global regulatory requirements. We chose to trial Notabene’s best-in-class solution as it delivers a seamless compliance process without any compromise to the user experience.”
Pelle Braendgaard, CEO of Notabene
“Bitfinex has been an integral part of the crypto currency community for many years now. They share our vision for a continued open crypto currency ecosystem. We are excited to help work with them implementing the Travel Rule, a key part of the latest guidelines for Virtual Asset Service Providers from FATF. Travel Rule testnets are the best way for companies to collaborate on the approach to roll out Travel Rule compliance.”
Notabene regularly holds strategic Travel Rule compliance testnets that substantially 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).
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex's strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
Notabene is a reg-tech SaaS solution that turns regulatory compliance into a competitive advantage. We are 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.
Joe Morgan, Senior PR Manager, Bitfinex
Alice Nawfal, COO, Notabene