{"id":12002,"date":"2024-03-26T16:31:12","date_gmt":"2024-03-26T14:31:12","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-joins-global-travel-rule-alliance-for-fatf-compliance\/"},"modified":"2024-03-26T16:31:12","modified_gmt":"2024-03-26T14:31:12","slug":"binance-joins-global-travel-rule-alliance-for-fatf-compliance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-joins-global-travel-rule-alliance-for-fatf-compliance\/","title":{"rendered":"Binance Joins Global Travel Rule Alliance for FATF Compliance"},"content":{"rendered":"<p>Bitcoin exchange Binance has joined the Global Travel Rule (GTR) Alliance. The platform provides infrastructure to comply with the recommendations of the <span data-descr=\"Financial Action Task Force\" class=\"old_tooltip\">FATF<\/span>.<\/p>\n<p>According to a statement, this &#8220;strategic step&#8221; aims to enhance regulatory compliance and strengthen data security.<\/p>\n<p>The Travel Rule, known as Recommendation 16 of the Group, requires the <span data-descr=\"virtual asset service provider\" class=\"old_tooltip\">VASP<\/span> to share client information when processing crypto transactions that reach a certain threshold\u2014$1000\/\u20ac1000. The disclosed data includes the sender&#8217;s and recipient&#8217;s name and address, as well as account details.<\/p>\n<p>The rules were introduced in 2019.<\/p>\n<p>GTR provides a solution for data verification and transmission in a cryptographically secure manner.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Joining GTR is a significant step forward in strengthening our global compliance efforts. [\u2026] This alliance enhances the trust, security, and transparency that users can expect from us,&#8221; said Binance&#8217;s Deputy Chief Compliance Officer Steve Christie.<\/p>\n<\/blockquote>\n<p>In June 2023, FATF expressed dissatisfaction with the pace of Travel Rule implementation. However, according to a PwC report, out of 42 countries examined in the study, only Uganda and Turkey have taken no initiatives to implement the organization&#8217;s recommendations regarding the crypto industry.<\/p>\n<p>In the United States, a consortium of leading industry companies such as Coinbase and Gemini presented a plan for FATF compliance in 2020.<\/p>\n<p>In November 2023, Binance founder Changpeng Zhao pleaded guilty to failing to maintain an effective anti-money laundering program as the head of the company. As part of an agreement with the US Department of Justice, he agreed to pay a $50 million fine and step down as CEO.<\/p>\n<p>As reported, the sentencing of Zhao <a href=\"https:\/\/forklog.com\/en\/news\/sentencing-of-binance-founder-postponed-to-april\">is scheduled<\/a> for April 30. He faces up to 18 months in prison, although earlier discussions mentioned a 10-year term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin exchange Binance has joined the Global Travel Rule (GTR) Alliance. The platform provides infrastructure to comply with the recommendations of the FATF. According to a statement, this &#8220;strategic step&#8221; aims to enhance regulatory compliance and strengthen data security. The Travel Rule, known as Recommendation 16 of the Group, requires the VASP to share client [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,744,1166,971,36],"class_list":["post-12002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-binance","tag-centralized-exchanges-cex","tag-fatf","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"61","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12002"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12001"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}