Coinberry is proud to be the only insured OSC&FINTRAC registered and PIPEDA-compliant Canadian crypto-trading platform. As of June 1st, 2021, many regulations related to Virtual Currencies (VC) came into effect. Among these regulations introduced was the ‘Travel Rule’. The Travel Rule requires us to collect the following information on VC transfers over $1,000 CAD in value:
- The name, address and the account/reference number of the person or entity who requested the transfer (originator information); and
- The name, address and account/reference number of the beneficiary
Coinberry must comply with the Travel Rule requirement and take reasonable measures to ask for information where required. Other information like Date of Birth, Occupation, or Nature of Business may also be requested when necessary.
Why is this information necessary?
The Travel Rule was implemented by the Department of Finance under the PCMLTF in order to comply with Recommendation 16 under the global governing body, Financial Action Task Force(FATF).This is a requirement for all MSBs in Canada dealing in VC, including Coinberry. These MSBs had some reprieve from June 1st, 2021 to November 30, 2021, but are required to ensure that they are fully compliant as of December 1, 2021.
The Travel Rule was implemented by the Department of Finance under the PCMLTF in order to comply with Recommendation 16 under the global governing body, Financial Action Task Force(FATF).This is a requirement for all MSBs in Canada dealing in VC, including Coinberry. These MSBs had some reprieve from June 1st, 2021 to November 30, 2021, but are required to ensure that they are fully compliant as of December 1, 2021.
How does this benefit me?
As we continue to work with regulators to meet compliance requirements and combat illegal activities, Coinberry can continue to be Canada's most trusted, secure, and safe crypto platform to better serve you long term.
As we continue to work with regulators to meet compliance requirements and combat illegal activities, Coinberry can continue to be Canada's most trusted, secure, and safe crypto platform to better serve you long term.
For more information on these requirements, please visit:https://www.fintrac-canafe.gc.ca/guidance-directives/transaction-operation/travel-acheminement/1-eng
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