PayPal will work with dozens of other companies to comply with travel rules.
Key Points
- as A member of the group, PayPal will be one of 38 companies committed to complying with the rules.
- PayPal adds encryption in 2020 and presumably has to comply with regulations like other crypto companies.
- Payment giant PayPal has joined Coinbase’s Travel Rule Universal Solutions Technology Network (TRUST).
PayPal has joined Coinbase’s TRUST Network to comply with the Travel Rule in the financial industry.
PayPal joins TRUST Network
PayPal is partnering with Coinbase
According to a Coinbase August 22 In a statement, the payments giant has joined Coinbase’s Travel Rule Universal Solution Technology (TRUST) network.
Along with the rest of the TRUST network, PayPal will be increasing its compliance with the so-called Travel Bank Secrecy Act Requirements for U.S. Financial Institutions. The rule requires financial institutions to share information about customers when they make transactions that exceed a certain amount.
Coinbase’s TRUST network aims to expose necessary data while protecting user privacy. It will avoid the use of central storage of user data and ensure its members can be trusted with Exiger’s compliance and risk management solutions.
Although the TRUST network had only 18 members in February, it has grown rapidly in recent months. PayPal’s decision to join TRUST brings the group’s membership to 38.
Several top cryptocurrency exchanges such as Binance .US, Crypto.com , Gemini and Kraken participated in TRUST with Coinbase. Other companies participating in the network include USDC issuer Circle, investment manager Fidelity Digital, stock and crypto trading app Robinhood, and crypto lender Nexos.
PayPal launched cryptocurrency transactions in October 2020. This summer, it expanded those capabilities even further, allowing customers to withdraw and deposit cryptocurrencies for the first time in June.
Presumably, PayPal’s increasing encryption capabilities mean it has to comply with regulations more broadly, Its decision to join the Coinbase network may be helpful in this respect.
Disclosure : At the time of writing, the author of this article owns BTC, ETH, and other cryptocurrencies.
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