PayPal to cooperate with cryptocurrency exchanger Coinbase

Coinbase has added PayPal to its Travel Rule Universal Solution Technology (TRUST) network. TRUST is a global industry solution designed to comply with financial standards better known as the Travel Rule.

the «Travel Rule» is part of the Bank Secrecy Act and requires U.S. financial institutions to share information about customers who transfer funds above a certain limit. The Financial Action Task Force on Money Laundering (FATF) published guidance on the «travel rule» for VASPs (virtual asset service providers) back in June 2021. The law requires the FATF to inform senders and recipients of any cryptocurrency transactions over $ 1,000.

In addition to Coinbase, TRUST includes several well-known cryptocurrency exchanges, including Binance.US, Crypto.com, Gemini, and Kraken.

It is worth reminding that PayPal users can sell and transfer cryptocurrencies through the payment system’s mobile app. The service now supports BTC, Ethereum, Litecoin, and Bitcoin Cash. The minimum transaction amount is $ 1. Users of the app have access to domestic and international transfers, as well as the ability to pay with digital currencies for purchases in online stores that support PayPal.