PayPal has joined Coinbase’s TRUST Network in order to comply with the financial industry’s Travel Rule.
PayPal Joins TRUST Network
PayPal is collaborating with Coinbase on regulatory compliance.
According to a statement from Coinbase on August 22, the payments giant has joined Coinbase’s Travel Rule Universal Solution Technology (TRUST) network.
With the rest of the TRUST network, PayPal will work on increasing compliance with the so-called Travel Rule required of U.S. financial institutions by the Bank Secrecy Act. This rule requires financial institutions to share information about customers when those customers make transactions over a certain amount.
Coinbase’s TRUST network aims to disclose the necessary data while protecting user privacy. It will avoid using a central store of user data and ensure its members are trustworthy through a compliance and risk management solution from Exiger.
Though the TRUST network had just 18 members in February, it has grown quickly in recent...
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