Binance’s membership in the Global Travel Rule (GTR) Alliance supports compliance. This partnership brings together virtual asset service providers (VASPs) to implement Financial Action Task Force (FATF) Recommendation 16, also known as the Travel Rule, using a common solution.
Among the numerous significant advantages of the GTR solution are smooth one-time integration for increased interoperability among VASPs, secure encrypted channels for data protection, and global multi-regional coverage via a single platform.
Binance is committed to user privacy and the controlled adoption of cryptocurrencycurrencies, and by cooperating with the GTR Alliance, it intends to ensure greater data security and regulatory compliance.
Being a member of the Global Travel Rule Alliance is a tremendous step forward in developing our overseas compliance efforts, said Binance’s Deputy Chief Compliance Officer, Steve Christie, who expressed his enthusiasm for the move. By making this modification, we proactively reassure our wide user base that their transactions and data are secure, while also meeting the FATF’s global regulations.
Binance’s membership in the GTR Alliance enables it to collaborate with other compliance-focused industry heavyweights such as CODE, Sygna, and Sumsub. They work together to raise the trust level in the cryptocurrencycurrency industry.
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