Betschart also pointed out that some 95% of transactions from Swiss VASPs don’t go to another Swiss VASP, but rather to a top 20 exchange like Binance, BitMEX, Bitfinex etc, most of which have no travel rule solution in place as yet. The result is that customers of Swiss VASPs send and receive a lot of crypto via their own non-custodial wallets, often using AOPP, Betschart said.

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