January 3, 2022

Tether, Okcoin, Bitfinex successfully test sending Travel Rule data transfers with Notabene



NEW YORK, January 6, 2021 10:00 AM ET -- Notabene, the leading end-to-end Travel Rule solution provider, has announced the successful completion of phase one of a Travel Rule testnet between Bitfinex, a state-of-the-art digital token trading platform, Okcoin, one of the largest cryptocurrency exchanges in the world, and Tether Operations Limited (Tether), the blockchain-enabled platform that powers the largest stablecoin by market capitalization.

Notabene runs regular testnets for market-leading digital token and traditional financial companies to simulate cross-jurisdictional Travel Rule transactions in a low-risk environment as they gear up to comply with impending regulations. New anti-money laundering (AML) rules, commonly known as the “Travel Rule,” require companies in the digital token space to share personally identifiable customer information alongside a transaction of a particular threshold. 

As enforcement deadlines approach, financial firms rush to implement new compliance tools, train compliance teams to implement new processes and understand the appropriate actions to take across various scenarios. 

The successful completion of this testnet allowed companies to perform simulated Travel Rule transactions between each other and collaborate on setting up compliance processes, which will be crucial going forward. 

Bitfinex, Tether, and Okcoin tested real-life scenarios, including interactions with firms operating in other jurisdictions where thresholds and requirements vary. Other scenarios tested included:

  1. Automatically sending Travel Rule transfers to trusted counterparties.
  2. Sending and receiving Travel Rule data transfers to/from companies that are not Notabene customers 
  3. Sending and receiving Travel Rule data transfers to/from companies that may not be live with Travel Rule compliance procedures
  4. Requesting missing Travel Rule transfers from counterparties 

Alice Nawfal, COO of Notabene, says:

“We’re thrilled to assist Bitfinex, Tether, and Okcoin in adopting the Travel Rule, which is a critical component of the FATF’s current recommendations for Virtual Asset Service Providers. Each company shares our belief in the long-term viability of the open cryptocurrency ecosystem. Testnets are an effective mechanism for businesses to collaborate on how to implement Travel Rule compliance.”

Peter Warrack, Chief Compliance Officer at Bitfinex, said:

We are delighted to have successfully completed Notabene’s phase one of the Travel Rule testnet in collaboration with Tether and Okcoin. This has enabled us to simulate myriad of transactions as part of our efforts to put in place robust compliance processes in order that we meet all requirements of the Travel Rule.” 

Joanna Lane, Head of Regulatory at Okcoin USA, adds:

“As a company with entities in many jurisdictions offering services around the world, working out how we can meet the different iterations of the Travel Rule required by different regulators is pivotal. Participating in the testnet with several of our entities has helped us walk through different permutations of transactions we will encounter going forward, where we will be in a much better position to comply and manage our regulatory risk.”

Notabene is committed to facilitating further testing, providing integration support, moderating compliance team discussions, and publishing ‘blueprint’ compliance flows to the industry. Please find out about our next testnet here.


About Notabene

Notabene is a reg-tech compliance SaaS solution connecting the traditional financial and crypto industries. 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. Using privacy-preserving technology, strategic partnerships, and commitment, our first-to-market FATF Travel Rule solution helps financial institutions, crypto exchanges, and businesses turn compliance into a competitive advantage. Key investors include Castle Island, Green Visor Capital, Illuminate Financial, CMT Digital, and a cadre of top-tier angel investors. 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. Follow us on LinkedIn and Twitter.

About Bitfinex

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.

About Okcoin

Established in 2013, Okcoin is one of the world’s fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees. Okcoin supports millions of customers across more than 190 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 50 other crypto assets. Headquartered in San Francisco, Okcoin has a remote, globally-distributed team and offices in Miami, Hong Kong, Singapore, Malta, and Japan.

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