Binance.US Joins TRUST

Binance.US Joins TRUST

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At Binance.US, we are driven by a compliance-first mindset. As a US based business, ensuring we are fully compliant factors into every decision we make. We have invested heavily on this front, with 20% of US employees dedicated to compliance and risk, including three executive hires in the department in the last six months. As we continue to build towards our mission of empowering everyone to do more with their money, we are committed to ensuring that we are positioned to comply with all regulatory requirements that continue to develop in this rapidly changing digital economy.

Oftentimes, compliance requires joint efforts with our peers in the industry. The Financial Action Task Force Travel Rule is one example of this. The Travel Rule - which was written before cryptocurrency existed -  requires financial institutions to share basic information about their customers when there is a transfer of funds to another financial institution that exceeds a particular threshold. Like other financial institutions, cryptocurrency exchanges are required to comply with this rule.

To meet the requirements of the Travel Rule, an industry-driven platform known as Travel Rule Universal Solution Technology (TRUST) was created. TRUST is a platform that allows VASPs to securely send information that is legally required by the Travel Rule. Binance.US is proud to be a U.S. member of TRUST alongside more than 30+ crypto companies.

The future of the digital economy is now, and it’s only going to continue evolving. It’s critical that clear regulation and controls are put in place that safeguard user privacy while ensuring that the entire industry operates on a level playing field.