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Coinbase has announced the expansion of Travel Rule Universal Solution Technology (TRUST), a group of leading crypto firms dedicated to ensuring compliance with the FATF's Travel Rule. https://twitter.com/pixiuAI/status/1529756730661412864
Expansion of TRUST
According to the official blog article, TRUST has gone live in Canada and Singapore. Other worldwide jurisdictions, including Europe, are currently being considered. According to Coinbase, the company is seeking to extend its compliance services, including security precautions, to virtual asset service providers (VASPs) worldwide. TRUST has added several global platforms to its membership, and the number has now grown to 36. Apart from the original – Coinbase, BitGo, Gemini, Kraken, and Fidelity, the coalition has added Amber Group, Anchorage, Balance, Binance US, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, among others. The post further read,
"The rapid expansion of TRUST in the United States and internationally marks a significant milestone in becoming the industry-standard solution for Travel Rule compliance. And this is only the beginning. Over the coming year, we anticipate that TRUST will welcome many new members worldwide."
The Financial Action Task Force (FATF), a global anti-money laundering (AML) watchdog, updated its guidance in mid-2019 to explicitly state that all VASPs, including exchanges, trading desks, and custodians, collect personal information on both the sender and the recipient for transactions of $1,000 or more. The Travel Rule challenged many platforms because they may not be able to comply with the rules. As a result, the crypto community expressed worries about the proposed law's broad breadth. With its international reach extending, several large crypto firms based in the United States released a solution in the shape of Travel Rule Universal Solution Technology (TRUST). The key is built to meet the demand while safeguarding our customers' security and privacy.