Coinbase-Led Travel Rule Group Grows Members, Expands to Canada and Singapore

The Travel Rule Universal Solution Technology (TRUST), primitively a radical of 5 U.S. companies gathering an anti-money laundering (AML) strategy for cryptocurrency transactions, has grown its rank to implicit 30 firms and expanded its jurisdictional footprint to see Canada and Singapore.

TRUST, primitively kickstarted by crypto speech Coinbase with assistance from BitGo, Gemini, Kraken and Fidelity, emerged from stealth mode astir a twelvemonth ago, astatine which clip it went by the little catchily titled U.S. Travel Rule Working Group (USTRWG).

Since officially launching, TRUST has gone unrecorded successful Canada and Singapore, and is actively moving to grow to different planetary jurisdictions, including Germany and different countries successful the European Union, according to a property release.

The archetypal founding rank has present swollen to implicit 30, including heavyweights similar Binance US, Circle, Robinhood and Paxos. Having started retired supporting conscionable bitcoin (BTC) and ether (ETH) transactions, TRUST present allows integration of each ERC-20 tokens, a spokeswoman confirmed via email.

The crypto manufacture was fixed AML marching orders from the Financial Action Task Force (FATF) backmost successful mid-2019, requiring virtual plus work providers (VASPs) specified arsenic exchanges, trading desks and custodians transportation personally identifiable accusation on with crypto transactions implicit a definite threshold. Since past a fig of proposed solutions and consortia efforts person been tabled arsenic good arsenic a messaging contented information modular for integer assets transactions.

“There’s nary uncertainty successful my caput that determination volition beryllium aggregate question regularisation solution networks that volition look and astir apt determination volition beryllium immoderate interoperability of sorts that needs to beryllium figured retired betwixt TRUST and different solutions,” said Canada-based crypto custodian Balance CEO George Bordianu successful an interview, adding:

“But by and large, it seems similar TRUST volition beryllium the predominant one, truthful this is wherever we person enactment successful our clip and effort.”

TRUST works by guaranteeing nary cardinal retention of customers’ idiosyncratic data, portion utilizing a strategy of integer signatures betwixt VASPs to guarantee the close code is being utilized successful bi-lateral information sharing channels.

Speaking astir joining TRUST, John Mannino, Chief Compliance Officer astatine sFOX – which is regulated successful the U.S. and successful Singapore – compared the crypto industry’s occupation solving effect to the increasing pains of fiscal derivatives markets.

“During the maturation of derivatives, we had benignant of akin situations involving industry-wide problems,” Mannino said successful an interview. “Rather than each institution going disconnected and trying to lick this occupation independently, erstwhile we travel unneurotic we tin lick it erstwhile and past everybody tin usage it.”

The existent afloat database of TRUST members includes: Amber Group, Anchorage, Balance, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital AssetsSM, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash, and Zodia Custody.

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