Global Crypto Exchanges Begin Phased Deployment of Veriscope: The Decentralized Solution to the FATF Travel Rule - Press Release issued by FATF.

BRIDGETOWN -- August 18, 2021 (PPI-OT) / GlobeNewswire / Asianet-Pakistan: Following is the text of press release issued by FATF

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Today, Shyft Core, in collaboration with Binance, Deribit, Bitfinex, BitMEX, Tether, Huobi and other collaborating Virtual Asset Service Providers (VASPs), announced the launch of Veriscope, a decentralized compliance framework and smart-contract platform for VASPs to enable travel rule compliance.

Participating exchanges are collectively initiating or evaluating the phased deployment of Veriscope on the Shyft Network, a decentralized infrastructure designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems.

Malcolm Wright, Chief Compliance Officer at BitMEX and Chair of the Advisory Council at Global Digital Finance, said: "In 2019, the FATF tasked the industry to develop a technical response to the Travel Rule (Recommendation 16). This was no easy task as there are a number of technical challenges to doing so - particularly discovery of who counterparty VASP is to a transaction. The Veriscope solution provides for an answer to this problem that causes the least customer friction, whilst at the same time respecting data privacy, data consent, and security to the greatest extent."

Veriscope is the result of a collective effort of some of the largest exchanges (by global volume), set out to collaboratively build a decentralized solution for global compliance standards, including the FATF's Travel Rule guidance. Veriscope was designed, built and programmed to assist exchanges to meet these requirements by facilitating address discoverability, and KYC data exchange without unnecessary exposures of user's data.

Jonathan Farnell, Director of Compliance at Binance, said: "In order to truly make data transmission systems work at the scale of the largest VASPs today, we need open solutions that provide the highest level of security on behalf of our users. Blockchains enable global systems that address coordination while at the same time ensuring audit ability across hundreds of countries, millions of users, and billions of transactions.

Coming together as a global coalition to deploy this solution ensures the rest of the industry has a unified standard, and an open architecture, to help everyone meet global regulatory requirements. It is our responsibility to give clarity, lead regulatory standardization during this transition phase, while also helping...