Unbanked Joins Coinbase and Other Crypto Firms to Collaborate on TRUST Expansion
At Unbanked, we’ve always been committed to building a company that is fully compliant and regulated so we can offer our customers a suite of innovative financial products they can feel safe and secure using. In that journey, we’ve made sure our accounts are FDIC insured and become certified as a Visa Ready partner for Program Management within the Visa Fast Track Program. Today, we go one step further as Unbanked joins a leading group of cryptocurrency firms to join TRUST (Travel Rule Universal Solution Technology), a global and industry-driven solution designed to comply with Travel Rule (TR) requirements.
What is TRUST?
TRUST is a platform that allows crypto companies to securely send information legally required by the Travel Rule. The solution is named TRUST because that’s what we seek to instill in our customers when they use our products and services. It is used by leading players in the space who came together to create a solution for the crypto space while continuing to protect the security and privacy of our customers’ personal information.
Why is TRUST important?
A Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)]—often called the “Travel rule”—requires all financial institutions to pass on certain information to the next financial institution, in certain transmissions involving more than one financial institution. Cryptocurrency firms like Unbanked have to satisfy this rule, which was written before crypto even existed.
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The TRUST platform is designed to be a global TR compliance solution, with the flexibility to adapt to different jurisdictions’ requirements, while delivering top-tier safeguards to customers’ privacy and security. These safeguards include no central store of personal data, proof of address ownership, and core security and privacy standards.
Who else is a part of TRUST?
Actually, Unbanked is in some pretty great company. The TRUST coalition today has over 30 participants including Amber Group, Anchorage, BitBuy, Balance, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, Cake DeFi, Circle, Coinbase, Coinsmart, Coinsquare, Custodia, Fidelity Digital AssetsSM, Gemini, Kraken, Netcoins, Paxos, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash, and Zodia Custody.
What Does it All Mean for Me?
Simply put, being a member of TRUST means we can do more to ensure customer information is handled in a safe, secure manner. There are a number of safeguards put in place as part of the TRUST solution, including no central storage of personal data, proof of address ownership, and the requirement to adhere to core security and privacy standards.
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“Since our inception, Unbanked has always had a deep commitment to operating in a compliant way,” said Ian Kane, CEO and Co-founder of Unbanked. “Coinbase and others are proponents of this powerful solution which I believe will become the gold standard for all Cryptocurrency firms moving forward.”