Expansion in Europe by Coinbase Supported Anti-Money Laundering Body

Coinbase aided anti-money laundering groups widens their web into Europe.
The Financial Action Task Force (FATF) plays an important role.
Travel Rule Universal Solution Technology (TRUST) has mostly focussed on users’ privacy and security.

Introduction

Anti-money laundering (AML) group, the Travel Rule Universal Solution Technology (TRUST) supported by the crypto exchange Coinbase is enlarging its reach in Europe like the mamba’s poison in a human’s body.

TRUST is a group of crypto companies that has joined a universal standard as their major objective to impose regulations over money laundering. The group was formed in February 2022. TRUST is recently performing a very crucial role of handling crimes through its policy enforcement in the crypto industry.

Since it was officially launched, TRUST has been effective in Canada and Singapore, and is laying efforts to broaden its global authority and jurisdictions. From the second quarter in Germany and other nations in the European continent.

With time, the total members list has grown huge, accounting for 67 members recently. Some of them can be introduced- Anchorage, Binance US, BitGo, Crypto.com, Circle, BlockFi, Coinbase, Coinsmart, Gemini, Kraken, Robinhood, Voyager, Balance, Fidelity Digital AssetsSM, Bittrex, Tetra Trust, Paxos, Nexo, Coinhako, and Zero Hash.

On 31 October, Coinbase from its official account, posted on twitter- “The expansion of the TRUST coalition to Europe marks a significant milestone in our journey to become the global industry-standard solution for Travel Rule compliance. We look forward to welcoming more members from around the globe in the coming year.”

FATF Functions

The Financial Action Task Force (FATF) is an autonomous inter-government body that creates and advocates policies to shield the global financial structure from serious crimes such as terrorist funding, financing for mobilization of weapons for complete demolition, and especially money laundering.

The suggestions recommended by FATF are acknowledged as global standards for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT). Also, another recent event on international levels took place. The coordinator of the UN Team for Countering Terrorism Financing, Svetlana Martynova addresed her views upon consistently alarming increase of crimes committed through crypto.

On 22 September, 2022, Coinbase announced its official entry in the European Union region. Eventually, Coinbase with its mammoth user base all over Europe- nearly over to 40 countries.

Coinbase’s head, who handles working in Germany, Sascha Rangoonwala, denoted that the TRUST has now important members from the U.K., Ireland, Germany, and Austria. Through his email account he remarked – “The expansion of the TRUST coalition to Europe marks a significant milestone in Coinbase’s journey to become the global industry-standard solution for Travel Rule compliance, our rapid expansion is a result of TRUST’s ability to adapt to different jurisdictions’ Travel Rule requirements while also prioritizing customer privacy and security.”