• Binance has joined the international organization Global Travel Rule

  • Crypto exchange intends to comply with FATF anti-money laundering rules

  • The largest cryptocurrency exchange Binance will monitor all user transactions and transfer those that exceed $1 thousand.

    Binance has joined the Global Travel Rule (GTR) organization. This way, the site will begin to comply with the requirements of the Financial Action Task Force (FATF).

  • Binance is now FATF compliant

    The GTR Alliance is a global community of virtual asset providers (VASPs). They use a comprehensive solution to comply with the International Anti-Money Laundering Rule, or Travel Rule.

    According to FATF recommendations, financial institutions and VASPs must collect personal data from users transferring more than $1 thousand and transfer it to the GTR organization. However, the threshold varies depending on the jurisdiction.

  • The information transmitted includes:

    • the sender's name and wallet address;

    • sender's physical address;

    • customer identification number or date and place of birth.

    The rule is intended to help authorities fight crime. More than 200 countries have already joined it.

  • “As a trusted service provider in the digital asset ecosystem, we are committed to ensuring the security and privacy of users' personal information,” Binance said in a statement.

  • Travel Rule goes against the nature of crypto

    The transfer control rule was adopted back in 2016. Five years later, it was updated to cover transactions related to digital assets.

    Some countries adopted it almost immediately - for example, the USA and Canada. Others introduced it relatively recently. In particular, the UK adopted the Travel Rule only in September 2023. At the time of writing, the rule also applies to Singapore, Switzerland, Gibraltar, Malaysia and South Korea.

    It was then that controversy broke out in the crypto community regarding the FATF recommendations. According to their critics, the rule violates the very nature of cryptocurrencies, which implies financial autonomy without government oversight.

  • Earlier, the Argentine community called on the country's recently elected president, Javier Miley, not to accept the Travel Rule. Local Bitcoin enthusiasts called it the “draconian rule.”

  • #SHIB #WIF #sui #BTC #DOGE

  • $BNB