[Binance joins the Global Travel Rules Alliance to advance interoperability compliance and strengthen security]
In order for cryptocurrencies to comply with the current regulatory framework and interconnect with traditional legal and financial systems, Binance must standardize industry compliance standards. Binance recently joined the Global Travel Rule (GTR) Alliance, a global community working to bring virtual asset service providers into compliance with international anti-money laundering rules, symbolizing important progress in this direction.
The GTR Alliance joins the effort to improve data security and regulatory compliance in line with Financial Action Task Force (FATF) Recommendation 16, the Travel Rule, which will become the common standard in the coming years.
As a trustworthy digital asset service provider, Binance is committed to protecting users’ private information. The cooperation between Binance and GTR will promote data security and enhance users’ trust in Binance. GTR’s solution’s global applicability, robust data protection mechanisms, and smooth integration provide virtual asset service providers (VASPs) like Binance with unprecedented efficiency and security.
GTR protects sensitive user data through secure encrypted channels and leverages Keccak256 encryption and a zero-trust model to strengthen the security architecture. Steve Christie, Binance’s Deputy Chief Compliance Officer, emphasized that joining the GTR Alliance is an important step forward for Binance’s international compliance efforts. It not only aligns Binance with FATF global standards, but also provides greater protection for the security of user data and transactions. promise.
In addition, joining forces with GTR also allows Binance to work with compliance-focused industry leaders such as CODE, Sygna, and Sumsub to jointly increase trust and address compliance needs in the crypto ecosystem. Binance encourages more VASP and travel rule solution providers to join this vital mission.
