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Coinbase brings surveillance on-demand for companies to the market

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Coinbase is also rolling out its anti-money laundering service in Europe. Travel Rule Universal Solution Technology (TRUST) now has 67 member companies. This is reported by Coindesk.

The group is officially intended to combat money laundering. In practice, it is also important to keep an eye on everyone. TRUST is a group of well-known names. Think of BitGo, Gemini, Kraken and Fidelity.

In 2019, the Financial Action Task Force (FATF) came up with a number of strict recommendations for companies that provide services in the industry. Think of crypto exchanges, brokers, trading desks and also custodians. To meet this, several companies are joining forces.

The group now also has members in Europe. Sascha Rangoonwala, head of the German branch of Coinbase, indicates that the consortium has members in Switzerland, Ireland, Great Britain, Austria and, among others… Netherlands.

“Expanding TRUST to Europe is a major milestone in Coinbase’s journey to become the global industry standard travel compliance solution. Our rapid growth is a result of TRUST’s ability to adapt to the Travel Rule requirements of different jurisdictions, while also prioritizing customer privacy and security,” says Rangoonwala.

The travel rule is an obligation for payment service providers. The requirement is simple, but far-reaching: information must be collected from the sender and recipient.

If someone asks for this (for example, the Financial Intelligence Units), this data must be shared. If you can or can’t do that, you are often criminalized as a service provider.

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