TRUST Expands its Global Footprint and is Now Live Internationally | by Coinbase | May, 2022
Coinbase is pleased to announce the international expansion of the Travel Rule Universal Solution Technology (TRUST), a global, industry-driven solution designed to comply with a requirement known as the Travel Rule while protecting the security and privacy of customers.
In February of this year, TRUST launched in the United States. Since that launch, TRUST has now gone live in Canada and Singapore, and is actively working to expand to other global jurisdictions, including Europe. As more countries begin to implement Travel Rules, TRUST is focused on providing its top-tier compliance services to virtual asset service providers (VASPs) around the globe, including its critical security safeguards.
Since its earlier announcement, TRUST has continued to add many new global entities to the TRUST membership. The TRUST coalition today has 36 members including: Amber Group, Anchorage, Balance, Binance US, bitFlyer, BitGo, 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.
TRUST is a global Travel Rule compliance solution. While the Travel Rule requirements in many jurisdictions can vary, TRUST is specifically designed with the flexibility to adapt to these different requirements, while delivering the following top-tier safeguards to customers’ privacy and security.
- No central store of personal data: We never centrally store sensitive customer information where it could be targeted by an attacker or misused by a third party. The required information is only directly sent from one TRUST member to another, through end-to-end encrypted channels, and the receiver is required to safeguard it.
- Proof of address ownership: TRUST includes a mechanism for the receiving VASP to prove that it’s the owner of the receiving crypto address before customer information is sent — to ensure the right information is sent to the right VASP.
- Core security & privacy standards: We require all TRUST members to meet core anti-money laundering, security, and privacy requirements before joining the solution.
The rapid expansion of TRUST in the United States and internationally marks a significant milestone in the journey to become the industry-standard solution for Travel Rule compliance. And this is only the beginning. We anticipate that, over the coming year, TRUST will welcome many new members around the world.
If you are interested in joining TRUST, please contact us.