30s Summary

Crypto AML startup Notabene has secured $14.5m in funding from firms such as DRW Venture Capital amid global shifts towards crypto regulation. The firm, which helps companies comply with anti-money laundering rules like the “Travel Rule”, currently facilitates $2bn transactions per day and assists 165 firms. The “Travel Rule” mandates crypto companies share transaction details in the same way as other financial entities. CEO Pelle Braendgaard predicts widespread compliance will be driven by forced reporting of unsuccessful information transfers from unregulated exchanges.

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There’s some important news for crypto companies towards the end of this year. They need to follow Europe’s update of its Transfer of Funds Regulation (TFR), which now includes crypto transactions. Notabene’s CEO, Pelle Braendgaard, has suggested that Donald Trump might follow Europe’s lead to try and get more trading happening in the U.S.

Notabene is a startup that helps cryptocurrency trading companies stick to anti-money laundering (AML) rules. They’ve just raised $14.5 million in their Series B funding round. Big names like DRW Venture Capital, Apollo, Nextblock, ParaFi Capital, and Wintermute chip in for the round.

The world’s money laundering watchdog, the Financial Action Task Force (FATF), has outlined the “Travel Rule”. This rule calls for crypto companies such as exchanges, wallet providers, and payment processors to safely share information about the sender and receiver of transactions, just like other financial companies do.

Notabene is getting more popular, now with 165 companies using its platform. Some of these are massive virtual asset service providers globally like Copper, OKX, and Ramp. Notabene is geared up to help companies follow the updated TFR. Notabene processes daily transactions worth around $2 billion on average, but this is expected to increase as the end-of-year compliance deadline draws nearer.

Braendgaard believes that if Europe forces firms to report when they can’t get travel information from an unregulated, offshore exchange, then it’ll really push global industry into compliance. He suspects the U.S. will follow suit under Donald Trump’s incoming administration, trying to bring crypto trading back to American soil.