Home Technology PayPal Joins Coinbase Crypto Compliance Initiative

PayPal Joins Coinbase Crypto Compliance Initiative

PayPal Joins Coinbase Crypto Compliance Initiative

Payments Giant PayPal joined the Coinbase compliance initiative called travel rule Universal Solution Technology (TRUST), launched in February as an industry-focused solution to comply with the requirement, while protecting customer security and privacy of digital assets.

TRUST is a platform that allows cryptocurrency exchanges to securely send information legally required by the travel rule, according to a blog post Tuesday (August 23).

fall under the Financial Action Task Force (FATF), the Travel Rule is the anti-money laundering and anti-terrorist financing (AML/CFT) compliance requirement for financial institutions in 37 member countries.

TRUST provides its members with a suite of tools and features, such as proof of ownership and full travel rule compliance, so members can avoid any issues with US authorities.

See also: In the United States and Canada, the application of crypto is moving from words to actions

“The addition of PayPal marks another step in TRUST’s journey to becoming the industry-standard global solution for travel compliance,” according to the blog post.

PayPal joins 38 other TRUST members from around the world, including: Amber Group, Anchorage Digital, Libra, 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, PayPal, Prime Trust, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash and Zodia Custody.

Read more: Coinbase, Fidelity and Robinhood join the TRUST AML platform

To join TRUST, members must meet certain security and privacy standards, including meeting anti-money laundering requirements and knowing your customer (KYC), according to the website.

Information is sent directly from one TRUST member to another, through end-to-end encrypted channels. TRUST never centrally stores sensitive customer information where it could be targeted by an attacker or misused by a third party.



About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.


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