Japan’s largest crypto exchange BitFlyer has introduced the so-called “travel rule”. It took effect May 30th.
This means that users will not be able to send or deposit cryptocurrency through some providers. BitFlyer Clients will be able withdraw amounts only to cold wallets or other exchanges that use travel rules.
The new restriction will block withdrawals and deposits within the platform through “unverified” wallets. Therefore, users began to worry that their crypto assets would be stuck on the platform.
The company added that it may expand the list of allowed withdrawal methods in the future:
They added that the new rule would make the trading environment safer.
Note that a month ago, the United States fined the BitFlyer crypto exchange for $1.2 million. The reason was non-compliance with cybersecurity standards. Perhaps they introduced a new rule to prevent similar fines in the future.
Source: Cryptocurrency
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