TRUST expands to Europe

TLDR: Coinbase is pleased to announce the European expansion of the Travel Rule Universal Solution Technology (TRUST). TRUST is a global, industry-driven solution designed to improve compliance with a requirement known as the Travel Rule, while prioritising customer security and privacy. 

By Coinbase

Engineering

, October 30, 2022

Coinbase + TRUST

TRUST launched in the United States in early 2022 and quickly expanded to Canada and Singapore. Since then, the TRUST coalition has also grown to include virtual asset service providers (VASPs) throughout Europe. The rapid expansion of TRUST throughout Europe marks a significant milestone in TRUST’s 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 from around the world.

Today, TRUST includes more than 67 entities globally, including but not limited to:  Amber Group, Anchorage Digital, Balance, Binance.US, bitFlyer, BitGo, Bittrex Global, Black.com, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinpass Limited, Coinsmart, Coinsquare, Copper.co, Crypto.com, Currency.com, Custodia, Digital Treasures Center Pte. Ltd., EXMO, Fidelity Digital AssetsSM, Gemini, Kraken, Litebit, Luno, MEXC, Netcoins, Nexo, OKCoin, Paxos, PayPal, Phemex, Prime Trust, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Tangany GmbH, TradeStation, Unbanked, VirgoCX, Wealthsimple, Zero Hash, and Zodia Custody.

TRUST has always been built to be 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 is 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, sanctions, security, and privacy requirements before joining the solution.

For more information about how TRUST prioritises customer privacy and security while providing top-tier Travel Rule compliance, or if you are interested in joining TRUST, please contact us.

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