<p>South Korean cryptocurrency exchange Foblgate <a href="https://www.etnews.com/20231121000052" rel="noopener noreferrer nofollow">announced</a> on Tuesday (local time) that it now allows users to register Bithumb Burrito Wallet — a Web3 digital wallet operated by Bithumb subsidiary Rotonda — as one of the external wallets that can be used for managing and trading crypto assets on their Foblgate account.</p><h2 id="header-0">Regulatory requirements</h2><p>In accordance with the Travel Rule under the Act on Reporting and Using Specified Financial Transaction Information, any given user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.</p><h2 id="header-1">Broadening external wallet support</h2><p>Foblgate currently supports a number of other external wallets including MetaMask, Blockchain.com, MyEtherWallet and Klip. With the addition of Burrito Wallet, users now have a wider range of options for storing and trading their assets.</p><p>“We will continue to support external wallets to enhance user convenience,” said Foblgate CEO Ahn Hyun-joon. “We vow to continue our efforts to meet the various needs of our users and provide a safe and convenient environment for carrying out transactions.”</p><p>The exchange has published a guide for how to register and authenticate external wallets — including Burrito Wallet — on its official website.</p>

Foblgate adds Bithumb Burrito Wallet as newest registrable external wallet

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