We’re Live: Veriscope Launches on Mainnet with Binance, Bitfinex, Tether, Huobi, Moonpay, Deribit, Gate.io and more
Veriscope, our decentralized, open-sourced Travel Rule solution, goes live on the Shyft Network mainnet with a unique ability to solve the “Sunrise Issue”.
After many months of testing, we’re proud to announce today the launch of Veriscope on the Shyft Network Mainnet.
Veriscope, a fully decentralized, open-source tool that offers crypto exchanges a comprehensive solution to the so-called “Sunrise Issue” — addressing what has until now been a vexing, unsolvable challenge for crypto exchanges as they come into compliance with the Financial Action Task Force (FATF) Anti-money laundering (AML) Travel Rule.
The “Sunrise Issue” arose in recent years as crypto exchanges across the globe began work to adopt the Travel Rule at different times, resulting in some exchanges coming into compliance with the requirement at different times than their counterparties. The Travel Rule requirements can only be met if all (both) counterparties are in compliance. Regulators have demanded a solution to the issue,
“The ‘Sunrise Issue’ is a complex problem, and only Veriscope has been able to solve it,” said Malcolm Wright, Head of Veriscope. “Governments are deeply concerned about crypto’s use in illicit finance, and sanctions evasion in particular — as they should be — and with Veriscope, we are able to offer an efficient, elegant compliance solution for the entire industry.”
The industry acclaimed feature comes as major exchanges and liquidity providers including Binance, Deribit, Nexo, Tether, Huobi, Moonpay, Gate.io, Bitfinex, Local Bitcoins, GSR, Galaxy Digital, Coinshares, Coinhako, BTSE Nogle, and more adopt Veriscope as their Travel Rule solution.
The FATF Travel Rule requires collection and exchange of customer details to adhere to international rules against money laundering, sanctions evasion and other malicious activities.
Veriscope enables Travel Rule compliance while protecting customer data through a peer-to-peer data connection that does not store any personally identifiable information (PII), uses encrypted communication, and is the only solution to provide for user consent for data sharing and storage to comply with GDPR regulations.
The launch of Veriscope, and with it the solution to the “sunrise problem”, includes an all-star list of leading industry names concluding that Veriscope met their regulatory needs for Travel Rule.
“Veriscope is already scaling globally as more and more exchanges understand the comprehensive benefits of the tool,” said Joseph Weinberg, co-founder of Shyft Network and veteran of crypto security and regulatory solutions. “The tool takes a unique, decentralized approach to identifying counterparty exchanges solely from the crypto address. Because we don’t require any additional information from an exchange’s customers, we can rebuild Travel Rule data on historic transactions. The result is that our client is in full compliance with the Travel Rule, and the customer experience is absolutely seamless, with no interruption to transactions, but offering bulletproof assurances of privacy and security of customer data.”
The entire Shyft Core and Veriscope team would like to thank all of our exchange partners and the global compliance community for supporting Veriscope’s journey to launch over the last year. We believe that together we are stronger and that having the most frictionless and secure access to data and cross-jurisdictional communication is what will help our industry achieve new heights amidst growing regulation.
The future is looking bright with Veriscope leading the way.
Visit our new Veriscope website to learn more, and contact us if you are interested in implementing our Travel Rule solution! Thanks for reading.
— Shyft Network