The payments juggernaut, PayPal, joined Coinbase’s Travel Rule Universal Solution Technology (TRUST) network, according to a statement released by Coinbase on August 22. PayPal will endeavor to improve adherence to the so-called Travel Rule, which the Bank Secrecy Act mandates of U.S. financial institutions and the rest of the TRUST network. When consumers make transactions totaling more than a specific amount, this regulation mandates that financial institutions communicate information about such customers. A warm welcome to @PayPal for joining TRUST, a global coalition that provides top-tier privacy and security safeguards to customers across jurisdictions while complying with the Travel Rule.https://t.co/OgoL3uS3qc — Coinbase (@coinbase) August 22, 2022 TRUST Travel Rule Solution The TRUST network from Coinbase seeks to release the required information while maintaining user privacy. By adopting a compliance and risk management solution from Exiger, it will avoid using a central repository for user data and guarantee the reliability of its members. Despite only having 18 members in February, the TRUST network has grown recently. With PayPal’s decision to join TRUST, the organization has 38 members. Alongside Coinbase, several prominent cryptocurrency exchanges, including Binance.US, Crypto.com, Gemini, and Kraken, are a part of TRUST. The USDC issuer Circle, asset manager Fidelity Digital, cryptocurrency trading software Ro...
