US crypto companies unveiled FATF compliance platform

The established consortium plans to share encrypted customer and transactions information

17.02.2022 - 07:15

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1 min

What’s new? The official Twitter account of the Coinbase cryptocurrency exchange has published news about the introduction of a platform called Travel Rule Universal Solution Technology (TRUST). With it, the crypto companies will be able to comply with the Financial Action Task Force (FATF) requirements.

TRUST moves our industry forward.We're proud to be one of 18 leading U.S. crypto exchanges to participate in TRUST, an industry-led Travel Rule solution.Learn more here👇https://t.co/O48lrQIJrY— Coinbase (@coinbase) February 16, 2022

“TRUST moves our industry forward. We’re proud to be one of 18 leading US crypto exchanges to participate in TRUST solution.”

Who joined the consortium? In addition to Coinbase, there are 17 companies with equal shares in the project. They are market leaders such as Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Fidelity Digital Assets, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, Zodia Custody, Tradestation, and Zero Hash.

What features does the platform offer? TRUST will allow market participants to securely exchange encrypted data with each other in order to comply with the FATF “road rule” and anti-money laundering and counter-terrorist financing regulations. All companies with access to TRUST will receive the sender and recipient name of the transaction, crypto wallet address, passport details, and other user identifiers.

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