JAKARTA – A number of crypto exchanges in the US have reportedly joined forces with Travel Rule Universal Solution Technology (TRUST) to eradicate the problem of anti-money laundering. TRUST is a new anti-money laundering initiative. Some of the leading exchanges that have joined with TRUST are Coinbase, Robinhood, Kraken, Fidelity Digital Assets, Gemini, and Circle.
According to the Coinbase blog, the cryptocurrency exchange is pleased to announce the launch of TRUST, an industry-driven solution designed to meet requirements known as the Travel Rule while protecting the security and privacy of our customers.
TRUST is a platform that allows cryptocurrency exchanges to securely send information required by law by Travel Rule. The solution is called TRUST because that's what customers want to instill when they use their products and services.
TRUST is a shared solution created to comply with the US Financial Crimes Enforcement Network (FinCEN) Travel Rules. TheDailyHodl reports that the Travel Rule requires financial institutions to collect and retain certain information related to fund transfers and shipments in the amount of USD 3.000 or more.
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According to Coinbase, the TRUST initiative aims to make compliance with Travel Rules the new industry standard.
“The Travel Rule requires financial institutions to share certain basic information about their customers when sending certain amounts of funds to other financial institutions. Custodial cryptocurrency exchanges (like other financial institutions) must comply with these rules, which were written even before crypto existed.”
TRUST was initiated by a number of leading crypto exchanges aimed at providing solutions in the crypto space while still providing protection of customer data and personal information. It was an “unprecedented effort, this resulted in a co-designed solution, TRUST, which we hope will soon become the industry standard to meet these requirements.”
Although TRUST members will collect sensitive information about users, no central storage of personal data will take place to ensure security and privacy, according to Coinbase.
“We never store sensitive customer information centrally where it can be targeted by attackers or misused by third parties. The required information is only sent directly from one TRUST member to another, via an end-to-end encrypted channel, and the recipient is obligated to safeguard it.”
Coinbase says TRUST will soon expand to global jurisdictions as well, but there's no timeline for the plans.
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