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Notabene’s VASP Network Activity | May 2022

The Notabene Team
The Notabene Team
May 25, 2022
A member of the Notabene team crafted this post.

May’s VASP Directory Report is filled with exciting updates. Before you hop in, be sure to check out our mission and vision and learn more about Notabene. 

At Notabene, we’re on a mission to make crypto transactions a part of the everyday economy. Our solution allows financial institutions to manage regulatory and counterparty risk in crypto transactions–creating the last needed connection between the traditional financial industry and the crypto industry. Financial institutions and crypto exchanges use our first-to-market FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage regulatory and counterparty risks from one holistic dashboard.

Rising trend: VASPs moving from waiting on the sidelines to easing into compliance

We’re noticing a trend: companies are thwarting the compliance inertia and are coming live globally with Travel Rule. Statistics from our VASP Directory, taken between April 25 - May 25, show that VASPs are beginning to send and respond to transfers on a large scale. As the industry starts moving quickly towards an inflection point with Travel Rule compliant transaction flows, individual VASPs look to monitor the status of adoption among their counterparties and are deciding accordingly how to transact with them.

VASP Directory Activity 

Notabene provides its customers with a directory to build verified profiles, share metrics around Travel Rule adoption, and perform counterparty due diligence to establish trusted bilateral relationships. Directory data is available to any VASP that signs up for Notabene—both as a paid customer or as part of the free Sunrise Plan.

Below, we share some highlights.

1. More than 800 VASPs are now set up in the Notabene network

More than 800 VASPs are in the directory, and 200+ have claimed profiles. 

The number of VASPs who actively manage their profiles has grown by 2633% since Jan 2022, which is a good indication of how the overall market is speeding up Travel Rule adoption. These VASPs include companies who are actively sending or responding to transfers, but also ones who have set up their profiles to get ready to start receiving.

2. Over 220 VASPs have earned an In-Network badge

VASPs that claim their profile are considered “In-Network,” which means that their account has an active administrator and will be responsive to incoming Travel Rule data transactions.

An example of Notabene's in-network badge.

3. Some of the largest exchanges globally have claimed their profiles since Jan 2022

“Claimed” status signifies that these companies are ready to start sending and receiving transfers via Notabene’s VASP directory.

Standout companies include:

  • Valr
  • Diginex
  • Diginex (Singapore)
  • Binance
  • OKX
  • Celsius Network (UK)
  • CoinDCX
  • Luno
  • FTX
  • OSL (Hong Kong)
  • Matrixport

4. Activity among VASPs has increased drastically, with transfers happening between more than 160 exchanges

A snapshot of new VASPs who have come live and are actively sending Travel Rule data transfers.

5. 76 companies have received a SuperVASP badge

Taking it a step further, we reward VASPs with a “SuperVASP” badge if they are:
✅ verified
✅ claimed
✅ in-network 

An example of Notabene's SuperVASP badge.

6. VASPs are increasingly starting to respond to counterparties—with Notabene customers on average having a 50% response rate

We increasingly see companies using Notabene tools to scale responses-even before they roll out their Travel Rule integration.

Power responders include:

  • Luno
  • Binance
  • PDAX