<p>The interoperability of blockchain cross-chain systems still poses a risk of data and user identity leakage. Concurrently, regulators encounter challenges in effectively verifying user identities, and the discrepancy between cross-chain regulation and the protection of user identity and privacy remains unaddressed. To address the aforementioned issues, this paper proposes an Identity-Verified Multi-Notary Cross-Chain Traceability and Regulation (IMCTR) system. The IMCTR system achieves cross-chain activity supervision through a supervision chain, mitigates centralization risks by utilizing a notary chain, and designs a multi-receiver encryption scheme to enhance the efficiency of signcryption and de-signcryption in cross-chain interactions while reducing computational overhead for users and safeguarding identity privacy. Additionally, regulators can effectively verify the receiver’s identity, swiftly identify unauthorized recipients, and prevent information leakage. Finally, a consortium blockchain cross-chain system that facilitates collaboration among multiple business chains has been established. The theoretical analysis and experimental results demonstrate that IMCTR significantly reduces the computational costs associated with encryption/decryption and signcryption/de-signcryption processes when compared to existing multi-receiver encryption schemes. Furthermore, IMCTR exhibits improved efficiency in cross-chain operations, as well as in identifying and tracking illicit users. This validates the effectiveness and high efficiency of IMCTR.</p>