• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, January 27, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Why PayPal Joined Coinbase’s Compliance Solution TRUST

August 22, 2022
in Bitcoin
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

January 27, 2023

Biden Admin Roadmap Cryptocurrency Risks – Bitcoin Magazine

January 27, 2023

Payment giant PayPal joined the Coinbase-led compliance initiative called Travel Rule Universal Solution Technology (TRUST). Launched in 2022, the solution was created to “protect the security and privacy” of its members’ customers while complying with the Travel Rule.

The latter is a U.S. law that requires financial institutions and companies to share certain information about a customer if they are sending money above a threshold. As Coinbase explained when the compliance solution was launched, crypto exchanges and others must adhere to this rule.

PayPal is joining the Amber Group, Anchorage Digital, Binance.US, bitFlyer, BitGo, Bittrex, BlockFi, BlocPal, Circle, Crypto.com, Robinhood, Tetra Trust, Voyager, Kraken, Gemini, Consmart, Netcoins, Nexo, Paxos, and other members that comprised a total of 38.

Crypto exchange Coinbase said the following in this announcement:

PayPal has been a leader in digital payments for more than 20 years by leveraging technology to make financial services and commerce more convenient, affordable, and secure for more than 400 million consumers and merchants around the world (…). The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance.

TRUST provides its members with a suite of tools and features, such as proof of ownership, and “comprehensive compliance” with the Travel Rule. Thus, its members can prevent any issues with U.S. authorities.

According to the official website, members must meet certain security and privacy standards to be included in TRUST. This included meeting anti-money laundering and know-your-customer (KYC) requirements before joining.

Coinbase and the other members announced a partnership with technology compliance company Exiger to “assist in meeting these requirements”. On the solution, its website claims the following:

Information is sent directly from one TRUST member to another, through end-to-end encrypted channels. TRUST never centrally stores sensitive customer information where it could be targeted by an attacker or misused by a third party.

Crypto total market cap with sideways movement on the daily chart. Source: Tradingview

Coinbase Loses Crypto Community’s Trust?

Coinbase’s compliance solutions and partnerships have been in the spotlight for several months. As Bitcoinist reported back in June, there were rumors about an alleged partnership between the exchange platform and the U.S. Immigration and Customs Enforcement (ICE) agency.

According to the rumors, the exchange platforms were selling user data to the government agency. A representative for Coinbase denied the rumors claiming that all data offered to ICE is public.

However, a portion of the crypto community expressed concerns and have been more concerned over the following months as the U.S. and international watchdogs’ crack down harder on the crypto industry. Worldwide governments seem to be pushing for a crypto space where users must transact in complete transparency forfeiting their rights to privacy.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Big brands start seeing revenue from their NFT sales

Next Post

Ronin bridge Hackers used ChipMixer to launder over $73M of stolen funds

Related Posts

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

January 27, 2023

In a recent tweet Ben Lilly, co-founder of Jarvis Labs, the on-chain analytics and token design firm, gave his analysis...

Biden Admin Roadmap Cryptocurrency Risks – Bitcoin Magazine

January 27, 2023

The Biden Administration has posted an official blog detailing its roadmap to mitigate the risks of cryptocurrencies.The roadmap starts by...

Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

January 27, 2023

Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach...

Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase – Mining Bitcoin News

January 27, 2023

The Bitcoin network is set to record another meaningful difficulty increase on Sunday, Jan. 29, 2023, as current estimates expect...

Gold vs bitcoin. Which is better and how are they related?

January 27, 2023

The heated argument on which gold and bitcoin is the better investment has been going on for a while. Since...

Load More
Next Post

Ronin bridge Hackers used ChipMixer to launder over $73M of stolen funds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

SOL Surges 8%, as ATOM Nears 1-Month High – Market Updates Bitcoin News

January 3, 2023

Coinbase Reaches $100 Million Settlement With New York Regulator

January 5, 2023

New Hampshire crypto commission urges lawmakers to take ‘proactive’ stance on regulation

January 20, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • U.S. Representative French Hill offers insights into digital asset regulations
  • NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…
  • Coinbase stock surged 90% in January

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,090.000.23%
  • ethereumEthereum(ETH)$1,599.17-0.23%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.00%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • binancecoinBNB(BNB)$308.511.15%
  • rippleXRP(XRP)$0.4136610.51%
  • binance-usdBinance USD(BUSD)$1.00-0.03%
  • cardanoCardano(ADA)$0.3884822.08%
  • dogecoinDogecoin(DOGE)$0.0873440.92%
  • matic-networkPolygon(MATIC)$1.165.11%
  • solanaSolana(SOL)$24.370.12%
  • okbOKB(OKB)$36.361.27%
  • staked-etherLido Staked Ether(STETH)$1,595.67-0.29%
  • polkadotPolkadot(DOT)$6.561.44%
  • shiba-inuShiba Inu(SHIB)$0.0000121.05%
  • avalanche-2Avalanche(AVAX)$21.5518.70%
  • litecoinLitecoin(LTC)$88.871.48%
  • tronTRON(TRX)$0.0634432.59%
  • uniswapUniswap(UNI)$6.861.18%
  • daiDai(DAI)$1.00-0.02%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,023.000.05%
  • cosmosCosmos Hub(ATOM)$13.483.11%
  • ToncoinToncoin(TON)$2.557.06%
  • chainlinkChainlink(LINK)$7.382.75%
  • leo-tokenLEO Token(LEO)$3.855.26%
  • moneroMonero(XMR)$180.125.20%
  • ethereum-classicEthereum Classic(ETC)$21.990.08%
  • AptosAptos(APT)$17.70-2.84%
  • bitcoin-cashBitcoin Cash(BCH)$134.920.70%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0928340.68%
  • apecoinApeCoin(APE)$6.292.83%
  • quant-networkQuant(QNT)$152.532.03%
  • nearNEAR Protocol(NEAR)$2.571.96%
  • crypto-com-chainCronos(CRO)$0.0819310.86%
  • lido-daoLido DAO(LDO)$2.413.66%
  • filecoinFilecoin(FIL)$5.39-1.41%
  • algorandAlgorand(ALGO)$0.2547513.49%
  • vechainVeChain(VET)$0.0248944.07%
  • hedera-hashgraphHedera(HBAR)$0.0697983.90%
  • internet-computerInternet Computer(ICP)$6.063.53%
  • axie-infinityAxie Infinity(AXS)$11.51-3.15%
  • aaveAave(AAVE)$87.24-2.00%
  • decentralandDecentraland(MANA)$0.680.30%
  • eosEOS(EOS)$1.111.85%
  • fantomFantom(FTM)$0.469285-2.43%
  • the-sandboxThe Sandbox(SAND)$0.750.35%
  • theta-tokenTheta Network(THETA)$1.126.04%
  • flowFlow(FLOW)$1.09-2.46%