Coinbase-Backed Anti-Money Laundering Group Expands Into Europe

The Travel Rule Universal Solution Technology (TRUST) has grown its membership to 67 firms.

AccessTimeIconOct 31, 2022 at 2:10 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC

The Coinbase-backed cryptocurrency anti-money laundering (AML) group, the Travel Rule Universal Solution Technology (TRUST), has expanded into Europe.

TRUST, which was originally kick-started in the U.S. by the Coinbase (COIN) crypto exchange with help from BitGo, Gemini, Kraken and Fidelity, said earlier this year it had established a footing in Canada and Singapore. As part of its European advancement, the TRUST membership has grown to 67 firms, according to a press release.

  • What Do EigenLayer's Outflows of $2.3B Signal?
    00:57
    What Do EigenLayer's Outflows of $2.3B Signal?
  • What Do TradFi Crypto Moves Mean for Decentralization?
    04:20
    What Do TradFi Crypto Moves Mean for Decentralization?
  • Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
    02:02
    Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
  • Ether Slides as Grayscale's ETHE Outflows Ramp Up
    00:53
    Ether Slides as Grayscale's ETHE Outflows Ramp Up
  • Back in mid-2019, the Financial Action Task Force (FATF) ordered crypto service providers to meet its AML guidance, which meant exchanges, trading desks and custodians had to transfer personally identifiable information about their customers along with crypto transactions over a certain threshold.

    That FATF action has become known as the Travel Rule.

    TRUST, which is one of a number of approaches to crypto AML, is now emerging as the consortium with the most industry weight behind it.

    Sascha Rangoonwala, Coinbase's head of its Germany operations, said TRUST now has members from Germany, the U.K., Switzerland, Ireland, Lithuania, Austria and the Netherlands.

    “The expansion of the TRUST coalition to Europe marks a significant milestone in Coinbase’s journey to become the global industry-standard solution for Travel Rule compliance,” Rangoonwala said in an email. “Our rapid expansion is a result of TRUST’s ability to adapt to different jurisdictions' Travel Rule requirements while also prioritizing customer privacy and security.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.