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XREX CEO Letter to Our Clients: We are FATF Compliant

XREX CEO Letter to Our Clients: We are FATF Compliant

Dear XREX users and stakeholders,

When XREX began its journey, two words were far more important than any other: “Compliance,” and “Security.”

We proudly announce that XREX as a fiat-crypto exchange is now fully Financial Action Task Force (FATF) compliant. We’ve achieved this by becoming a registered and active participant of Travel Rule Information Sharing Alliance (TRISA), and by fully implementing both TRISA protocol and Mastercard’s CipherTrace Traveler.

This is an important milestone for XREX, and further verifies our commitment to all users worldwide.

FATF travel rule and the crypto industry

FATF is an inter-governmental body setting international standards which aim to prevent global money laundering and terrorist financing. In collaboration with over 200 countries, FATF has developed FATF Recommendations, or FATF Standards, ensuring a coordinated global response to prevent organized crime, corruption, and terrorism.

In 2019, FATF modified its standards, the “Travel Rule 16,” or “Travel Rule,” and included virtual assets under this recommendation. This moderation requires Virtual Asset Service Providers (VASP), financial institutions, and FATF members entities to exchange information about senders and receivers of transactions above USD/EU 1,000. Required Information includes names, account numbers, physical addresses, and DNI or personal identification numbers.

Blockchain and cryptocurrency are for good

As a regulated and responsible player, XREX upholds the highest international standard to create a secure, transparent, and collective financial system that empowers all to participate and contribute to the global economy. Hence, I want to underline that the XREX platform doesn’t want to serve any bad actors.

Blockchain and cryptocurrency are for good. In recent years, new applications and implications emerged rapidly and involved increasingly more individuals, corporations, regulators, and governments. Compliance and regulation are unavoidable trends for the crypto industry’s long-term and sustainable development.

Gary Gensler, Chair of US Securities and Exchange Commission, earlier told the Financial Times that technology couldn’t last long without a public policy framework, and that finance is ultimately about trust.

Although the crypto industry is still in its early stages and many governments are still trying to figure out how to regulate this technology, XREX has been making every effort to comply. We ensure all our users have a safe ecosystem without fear of being scammed or involved in illegal activities. Being FATF compliant is just another example.

Fighting against financial crime can be divided into three parts: Combating the financing of terrorism (CFT), Anti-money laundry (AML), and Know Your Customer (KYC). XREX has built comprehensive partnerships with internationally leading intelligence providers, including CipherTraceTRM LabsTrisa.io, and Crypto Defenders Alliance (CDA).

Compliance is a Long Run

In addition to meeting FATF Travel Rule requirements, XREX also works with global banking partners to provide fiat gateways. We support the US dollar (USD) and local currencies such as Indian Rupee (INR) to solve dollar shortage issues in emerging economies. Furthermore, we are also applying for licenses in Canada and Singapore to better serve our clients with cross-border payments, remittances, and virtual assets.

We understand that compliance is a long run. And XREX will continue to be the lead runner.

Sincerely,

Wayne Huang
Co-Founder and CEO, XREX Inc.

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