Coinbase (NASDAQ:COIN) 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 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 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.”
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.”
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: Coinbase claim that they 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: They require all TRUST members to “meet core anti-money laundering, sanctions, security, and privacy requirements before joining the solution.”