TRUST now offering no-fee memberships to qualifying members
TLDR: Coinbase is pleased to announce the introduction of a new, no-fee membership option for the Travel Rule Universal Solution Technology (TRUST) – the global, industry-driven Travel Rule solution that prioritizes customer security and privacy.
TRUST is the world's premiere Travel Rule solution, born out of a vision for a not-for-profit tool that could help Virtual Asset Service Providers (VASPs) of all sizes meet their Travel Rule obligations while delivering top-tier safeguards to customers’ privacy and security. TRUST’s revolutionary, by-industry, for-industry approach has drawn the largest VASPs from around the globe, including in Europe, Asia, and North America. With the introduction of a new, no-fee membership option, TRUST marks another milestone in its journey to become the industry standard solution for Travel Rule compliance.
Key features of the no-fee membership option:
Fee Exemption: as a not-for-profit Travel Rule solution, TRUST members normally equally divide the costs of operating TRUST between themselves. But with the introduction of the no-fee option, certain qualifying VASPs will be able to join TRUST yet be exempt from the membership fee requirement for renewable 1-year terms.
Qualifying VASPs: the new option is available to smaller and newer VASPs who are poised to most greatly benefit from a fee exemption. For more information on which VASPs qualify, please contact us.
Global Expansion: By offering the no-fee membership option, TRUST aims to further expand its already broad and diverse global community of members, making TRUST even more inclusive and collaborative.
VASPs who take advantage of this new offer will join TRUST’s extensive network of more than 90 VASPs, including: Amber Group, Anchorage Digital, Baanx, Balance, Binance.US, BitFlyer, BitGet, BitGo, Bitmex, BITPoint, Bittrex, BlocPal, Bullish, Cake DeFi, Cboe, CEX.IO, Circle, Coinbase, Coincheck, Coinhako, Coinpass Limited, Coinsmart, Coinsquare Ltd., Copper.co, Crypto.com, Currency.com, Custodia, DTC Pay, Fidelity, Gemini, Hong Kong BGE Limited, Kraken, Liquidity Technology Limited, LiteBit, Luno, Netcoins, Nexo, OKCoin, Paxos, PayPal, Paysafe, Phemex, Revolut, Robinhood, SBI VC Trade Co., Ltd., sFox, Shakepay, Skrill, Standard Custody & Trust, State Street, SuisseBase, SwissBorg, Taurus SA, Triple A, VirgoCX, Wealthsimple, Zenus Bank, Zero Hash, Zodia Custody.
TRUST’s diverse membership reflects that it was designed 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 prioritizes customer privacy and security while providing top-tier Travel Rule compliance, or if you are interested in joining TRUST, please contact us.
