SINGAPORE - Media OutReach - 3 October 2022 - As part of the FATF Travel Rule extending to cryptocurrency companies in 2019, Coinut (Coin Ultimate Trading), a leading mobile and web app-based cryptocurrency exchange located in Toronto and Singapore, is utilizing the complete Travel Rule Solution of a market-leading crypto Travel Rule compliance service provider, Notabene. This partnership will help Coinut commence its Travel Rule compliance roll-out in FATF-regulated countries, especially in Canada and Singapore.

As the demand for crypto rises across global markets, regulators are adopting rules for digital payment token service providers to prevent money laundering, counter the financing of terrorism and safeguard the consumers. The Travel Rule for Virtual Assets calls for organisations that deal in cryptocurrencies to share information of the originator (sender) and beneficiary (receiver) between Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges like Coinut. The FATF Crypto Travel Rule aims to assist law enforcement agencies in better tracking criminals who utilise cryptocurrency to launder money, most especially in FATF-regulated countries such as Singapore, Canada, South Korea, Japan, Switzerland, Liechtenstein, Estonia, Gibraltar and Germany.

With the use of Notabene's global VASP Counterparty Verification Network to manage counterparty risks, Coinut can automate transactions with counterparty VASPs while giving them access to the data they require to identify suspicious activity (i.e., originator name, account number, physical address, national identity number, customer identification number or other unique number, date of birth and place of birth, beneficiary name and account number or virtual wallet number). Notabene's global VASP Counterparty Verification Network pulls data from various different sources, e.g., public registries, documents provided by VASPs, etc. and functions as a centralised database to source relevant information about counterparty VASPs. With Notabene's solution permitting VASPs to set risk-based rules, Coinut can quickly identify and verify business partners and faithfully be in-line with the global compliance standards for anti-money laundering (AML) and counter terrorist financing (CTF) and protect the platform's users as well as their respective communities.

Pelle Braendgaard, CEO of Notabene, commented,"We're pleased to work with Coinut as they demonstrate their ongoing commitment to compliance and implementing Travel Rule requirements. Coinut is integral to the Singaporean FinTech community, building solutions for a secure global economy".

Xinxi Wang, CEO & Co-Founder of Coinut, said, "Singapore has been and still aims to be the hub of fintech, including blockchain and cryptocurrency, in Asia. Being one of the earliest cryptocurrency exchanges in the country, Coinut is steadily dedicated to bringing a trusted and safe platform that is aligned with the global financial regulations for our users across the globe. We are pleased to impart our partnership with Notabene in complying with FATF's Crypto Travel Rule and the enormous help they provide in seamlessly handling the process of collecting personal data from cryptocurrency transactions and monitoring them for money laundering and financial crimes, particularly for transfers to and fro crypto exchanges and wallets of our users in FATF-regulated countries, e.g., Singapore, Canada, South Korea, Japan, and more. With this and more initiatives and partnerships in the future, our vision for Coinut as a safe, secure and fast cryptocurrency exchange is adeptly reinforced to our growing global community."

For more information on Coinut, please visit https://coinut.com/.

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