Sumsub to Streamline Global Travel Rule for VASPs

News provided by

Mar 26, 2024, 08:00 ET

Sumsub, a global full-cycle verification platform, integrates with GTR, to make sure crypto companies can securely validate data with GTR ecosystem

LONDON, March 26, 2024 /PRNewswire/ -- Sumsub, a global full-cycle verification and compliance provider, today announces the integration of its Travel Rule solution with Binance, the world's leading cryptocurrency exchange platform, through the Global Travel Rule (GTR) Alliance. The new integrated solution is aimed at providing access to a large ecosystem of Virtual Asset Service Providers (VASPs) who are participants of Sumsub Travel Rule ecosystem, as well as financial institutions and fintech companies involved in crypto transactions to ensure secure transaction data validation when dealing with Binance entities which in total encompass 183M+ users.

This partnership enhances Sumsub's existing Travel Rule compliance solution for crypto companies globally. By leveraging Sumsub's crypto expertise and cutting-edge technologies, the companies are building interoperability to address the so-called sunrise issue, which is the biggest challenge in the crypto compliance space – namely, that the counterparties are not reachable due to the fact that not all VASPs become obliged to adhere to the Travel Rule requirements.

This collaboration is connecting the world's largest crypto exchange to the already wide ecosystem of Sumsub's VASPs. With a focus on global interoperability, regulatory assurance, and market credibility, the partnership is a giant step towards ensuring streamlined and interconnected cryptocurrency transactions.

Steve Christie, Deputy Chief Compliance Officer at Binance, shares: "Global Travel Rule Alliance is an exciting step forward in solidifying our international compliance efforts. We're particularly enthusiastic about the ability it gives us to consolidate our efforts globally, moving past the challenge of fragmented regional integrations. This move doesn't just bring us into alignment with FATF's global standards – it's about proactively providing our extensive user base with the assurance that their data and transactions are secure. This alliance amplifies the trust, security, and transparency that our users can expect at Binance."

"Integrating with Global Travel Rule Alliance is a significant milestone for us, underscoring the importance of collaboration in the crypto space. The integration of GTR protocol with Sumsub's Travel Rule solution is a major advancement in ensuring interoperability and addressing the sunrise issue," comments Jacob Sever, co-founder and Chief Innovation Officer at Sumsub. "By enabling seamless interaction between members of both ecosystems, this partnership not only enhances the infrastructure of the global crypto ecosystem but also fosters trust both within and outside the industry. Looking forward, Sumsub is empowered to work toward natively integrating other protocols into its Travel Rule solution in the future."

Founded in 2017, Binance has been among Sumsub's clients since 2021. In March 2023, Sumsub benchmarked the crypto industry by launching its protocol-agnostic Travel Rule solution, offering a full compliance toolkit across the whole customer lifecycle. Sumsub continuously shares its vast expertise with the crypto and wider tech community. In October 2023, Sumsub analyzed 800,000+ fraud attempts and millions of verification checks within the crypto sector between 2022-2023, conducted a survey among 100+ crypto companies and gathered crypto expert interviews, as a result releasing "State of Verification and Monitoring in the Crypto Industry 2023" report. According to its findings, Travel Rule remains one of the two main challenges for crypto companies worldwide, the other one being more advanced fraud methods such as AI-generated deepfakes.

About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customisable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.

About GTR

For more details, go to https://www.globaltravelrule.com/en/about

SOURCE Sumsub