Crypto exchange Binance has joined the Global Travel Rule alliance to combat financial crimes like money laundering and terrorist financing.
In a blog announcement on Mar. 26, Binance disclosed its membership in the Global Travel Rule (GTR) Alliance, aimed at combating financial crimes such as money laundering and terrorist financing. Joining forces with the GTR, Binance claims it wants to work “hand-in-hand with other compliance-focused industry leaders,” including CODE, Sygna, and Sumsub.
“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.”
Steve Christie, deputy chief compliance officer at Binance
At the time of writing, Crypto.news couldn’t identify the full list of the alliance members. According to its official website, only Binance and CODE (a group formed by Korean crypto exchanges Bithumb, Coinone, and Korbit) are listed as the alliance’s partners.
GTR claims it will obtain the relevant information of both the sender and recipient “once a transaction request above the set threshold has been made.” However, the alliance doesn’t specify the threshold, saying “different jurisdictions have different transaction threshold amounts.” For example, FATF suggests $1,000 in USD/EUR as a starting point, but individual countries have the flexibility to implement their own thresholds (e.g., $3,000 in the U.S.).
For Binance, this collaboration seems to underscore its commitment to compliance with international regulations, following its agreement to settle criminal money laundering charges brought by the U.S. Department of Justice, amounting to $4.3 billion.
