Cryptocurrency platform Binance announced its participation in Global Travel Rules (GTR), a global network of virtual asset service providers. The main goal of the initiative is to comply with standardized measures aimed at combating illegal financial activities.
In an official statement, platform representatives emphasized the importance of aligning with the current regulatory framework and achieving a certain degree of uniformity.
This strategic decision is expected to improve data protection. According to the team, Binance is committed to complying with the rules set by the Financial Action Task Force (FATF).
Specifically, the platform aims to comply with Global Travel Rules, which requires virtual asset service providers to share #transaction data. These rules require platforms to put mechanisms in place to ensure access to users' personal data.
"Joining the GTR Alliance is a significant step forward in our compliance. It not only brings us in line with global FATF standards, but also gives our users confidence that their data and transactions are secure. Being part of the alliance reinforces trust, security and transparency for all Binance customers," said Steve Christie, Binance's Deputy Director of Assurance.
The Travel Rule requires financial institutions with transactions over $3,000 to disclose the identity, address and account information of their users. In theory, this measure is designed to prevent individuals from exploiting loopholes in the laws of various jurisdictions to hide their income.
Recall that in May 2023, representatives of the G7 countries discussed the global application of the Travel Rule on cryptocurrencies. According to a PricewaterhouseCoopers (PwC) report, about 40 countries initiated measures or approved documents in the field of #digital assets.
