Seoul, Mapogu, South Korea, 14th Jul 2022, King NewsWire, Have you heard of the travel rule? What is the travel rule? It is “a system that tracks and records the movement of coins”. One of the reasons why cryptocurrency was not recognized as part of the mainstream is because the source of the funds cannot be traced. If a transaction of more than $750 occurs, the information of the sender and the recipient must be identified and reported to the financial authorities because of the travel rule. While one of the advantages of cryptocurrency is typically the ability to trade without a third-party being involved, because of this travel rule, that advantage disappears.
The number of people who visit overseas exchanges due to this travel rules is increasing. However, most foreign exchanges are also subject to this travel rule. The Korean language service has been suspended in overseas exchanges because of the Financial Information Transaction Act in Korea.
Bitbulls, a cryptocurrency exchange, has Korean language support for its service. Bitbulls is a peer-to-peer exchange where virtual currency including top stablecoin USDT can be purchased. Since the ability to trade with the won is supported only in Korea, many Koreans are unfamiliar with the USDT coin.
However, with the application of the travel rule, more people are visiting overseas exchanges, so the USDT coin is becoming more well-known. Recognition of the service is on the rise, and it is expected that the future use of the service will increase as well.
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