BYDFi Joins CODE VASP Alliance, Strengthening Regulatory Compliance in South Korea

Seoul, South Korea – November 27, 2024 – BYDFi, a leading global crypto exchange, has announced its official membership in South Korea’s CODE VASP Alliance. This significant partnership marks BYDFi’s successful integration with the Travel Rule compliance solution, ensuring full adherence to South Korea's stringent regulatory standards for cryptocurrency transactions. The announcement, made on November 27, was accompanied by a formal post from CODE, highlighting the exchange’s commitment to advancing the transparency, security, and trustworthiness of the crypto industry.
CODE VASP: A Core Pillar for Compliance in South Korea
The CODE VASP (Virtual Asset Service Providers) Alliance is a major force in South Korea’s push for crypto regulatory compliance. Founded by the country’s top three crypto exchanges – Bithumb, Coinone, and Korbit – CODE VASP is the only platform in Korea dedicated to supporting Travel Rule compliance. The Travel Rule, a set of requirements developed by the Financial Action Task Force (FATF), mandates that VASPs share detailed information about cryptocurrency transactions to combat money laundering (AML) and terrorist financing (CFT).
CODE VASP’s mission is to assist crypto exchanges and service providers in meeting the global regulatory standards and ensure that their operations comply with South Korea’s Act on Reporting and Using Specific Financial Transaction Information. By integrating with VerifyVASP, BYDFi is taking a significant step toward securing cross-platform asset transfers and improving the safety and transparency of its services.
BYDFi’s Strategic Move Towards Compliance
This strategic partnership underscores BYDFi's dedication to compliance and innovation. Michael, co-founder of BYDFi, shared the company’s enthusiasm about the milestone:
“After a year of dedicated effort, we are thrilled to announce our successful integration with CODE VASP’s compliance solution. This milestone ensures that BYDFi fully complies with South Korea’s latest AML regulations, marking significant progress in our global compliance strategy. This collaboration not only strengthens our platform but also enhances user security, underscoring our commitment to delivering a world-class crypto trading experience.”
The collaboration ensures that BYDFi continues to provide a secure and transparent platform for crypto trading while meeting the rigorous standards set by South Korean regulators. It also highlights the exchange’s commitment to meeting the needs of the South Korean market, one of the world’s most active and regulated crypto environments.
BYDFi: Innovating for a Secure Crypto Future
Ranked among the top 10 global crypto exchanges by Forbes, BYDFi is known for its robust trading platform that offers access to over 600 tokens and supports leverage trading up to 1:200x. The exchange has integrated with popular payment providers, such as Banxa, Transak, and Mercuryo, ensuring that users can easily buy cryptocurrencies in a seamless and cost-effective manner.
In addition to its core trading functions, BYDFi is continuously innovating to meet the evolving needs of its users. The upcoming launch of BYDFi Copy Trading will allow users to automatically follow and replicate the strategies of top traders with a single click, optimizing their investments for maximum returns. This feature, along with other user-oriented innovations, positions BYDFi as a leader in the global crypto exchange space, committed to providing safe, reliable, and intelligent trading solutions.
A Commitment to Global Compliance and Security
BYDFi’s integration with CODE VASP and its commitment to South Korean regulatory standards represent an important step in the exchange’s ongoing global compliance efforts. The partnership is a testament to BYDFi’s focus on creating a secure and transparent environment for crypto trading, strengthening user trust and solidifying its position as a leading platform in the blockchain space.
As the crypto industry continues to evolve, BYDFi’s proactive approach to compliance and its innovation-driven platform are setting new standards for secure and reliable digital asset trading. The integration with CODE VASP is just one example of BYDFi’s ongoing efforts to create a safer and more regulated global crypto ecosystem.
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