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Bitstamp uses Notabene's software to comply with Travel Rule in Singapore, the US, EU

Lesa Moné
Lesa Moné
March 15, 2022
Lesa, Head of Content at Notabene, combines her deep B2B crypto and SaaS experience to deliver impactful insights for clients, fostering Notabene's reputation as a thought leader in the crypto regulatory tech space.
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Summary


NEW YORK, NY March 16, 2022 - Bitstamp, the world’s longest-running cryptocurrency exchange partnered with Notabene to implement its end-to-end solution for crypto regulatory compliance to comply with global Travel Rule regulations across the US, EU and Singapore.

The Crypto Travel Rule, an anti-money-laundering regulation introduced in 2019 by the Financial Action Task Force (FATF), mandates virtual asset service providers (VASPs) to disclose, collect, screen, and transmit customer personally identifiable information (PII) when transacting in crypto asset amounts over a particular threshold. Currently, large crypto exchanges look to employ a comprehensive solution that handles the different jurisdictional interpretations of the FATF Travel Rule–commonly referred to as the Sunrise issue

An example of different thresholds and data points set by different regulators is as follows:

  • Singapore: The Monetary Authority of Singapore requires the ordering institution to value originator and beneficiary information to the beneficiary regardless of the transaction amount, with further information required exceeding 1,500 SGD. 
  • The United States: Financial Crimes Enforcement Network (FinCEN) set a suggested crypto Travel Rule threshold of $3,000. 
  • Europe: The European Banking Authority (EBA) set a threshold of EUR 1000, in line with the FATF recommended guidelines. 


Bistamp is one of the largest exchanges to date, and processes a large volume of transactions to countless counterparties daily. In such, Bitstamp required a sophisticated solution that streamlines VASP due diligence, counterparty wallet identification, automates transactions, and routes Travel Rule compliant data transfers to the largest number of VASPs.

Pelle Brændgaard, CEO of Notabene, adds: 

“As a storied exchange with a high volume of global transactions and numerous counterparties, interoperability is crucial for Bitstamp. Bitstamp chose our sunrise-friendly universal end-to-end travel rule solution which features our proprietary protocol switch offering the widest coverage of VASPs globally. Notabene is proud to collaborate with Bitstamp, the world’s longest-running cryptocurrency exchange.”

Julian Sawyer, CEO of Bitstamp comments: 

“Our partnership with Notabene reflects our position as a leader in crypto security. Ensuring investors can trade safely and securely is a key priority for us and today’s partnership will enable us to deliver this to a growing number of traders across different jurisdictions, through the use of Notabene’s pioneering technology. Notabene’s global reach was one of the main reasons we decided to work together so we can roll out our solution to markets around the globe to further support investors.”

About Bitstamp

Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders, and leading financial institutions since 2011. With a proven track record, cutting-edge market infrastructure, and dedication to personal service with a human touch, Bitstamp’s secure and reliable trading venue is trusted by over four million customers worldwide. Whether through their intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters finance. For more information, visit www.bitstamp.net. 

About Notabene

Notabene is a reg-tech Software-as-a-Service 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. To learn more, visit www.notabene.id. Download a copy of Notabene’s State of Crypto Travel Rule Compliance Report

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