Crypto AML Group TRUST Grows Members to Over 30, Expands to Canada and Singapore

The Travel Rule Universal Solution Technology (TRUST), originally a group of five U.S. companies building an anti-money laundering (AML) system for cryptocurrency transactions, has grown its membership to over 30 firms and expanded its jurisdictional footprint to include Canada and Singapore.

TRUST, originally kick-started by crypto exchange Coinbase (COIN) with help from BitGo, Gemini, Kraken and Fidelity, emerged from stealth mode almost a year ago, at which time it went by the less catchily titled U.S. Travel Rule Working Group (USTRWG).

Since officially launching, TRUST has gone live in Canada and Singapore, and is actively working to expand to other global jurisdictions, including Germany and other countries in the European Union, according to a press release.

The original founding membership has now swollen to over 30, including heavyweights like Binance US, Circle, Robinhood (HOOD) and Paxos. Having started out supporting just bitcoin (BTC) and ether (ETH) transactions, TRUST now allows integration of all ERC-20 tokens, a spokesperson confirmed via email.

TRUST works by guaranteeing no central storage of customers' personal data, while using a system of digital signatures between VASPs to ensure the correct address is being used in bi-lateral data sharing channels.

The current full list of TRUST members includes: Amber Group, Anchorage, Balance, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital AssetsSM, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash and Zodia Custody.

Source: CoinDesk