Global full-cycle verification and compliance provider, Sumsub , has recently announced its integration with Global Travel Rule (GTR) for crypto companies to securely validate data. The integration of the Travel Rule solution will be done with Binance, one of the most popular cryptocurrency exchange platforms, through the Global Travel Rule Alliance.

At the same time, the new solution was designed to provide access to a large ecosystem of Virtual Asset Service Providers (VASPs), who are currently enrolled in Sumsub’s Travel Rule ecosystem, as well as fintechs and financial institutions involved in crypto transactions. The solution is set to to provide secure transaction data validation when dealing with Binance entities, which consists of over 18 million users worldwide. More about the partnership By partnering with Binance, Sumsub will be able to enhance its already existing Travel Rule compliance solution for global crypto companies.

The UK-based verification and compliance platform will streamline its crypto expertise and high-end technologies for companies to leverage them and build interoperability. This way, the new ecosystem created can address one of the most challenging matters in the crypto compliance space – that counterparties cannot be reached since not all VASPs are obliged to adhere to the Travel Rule requirements. Moreover, the collaboration will connect one of the largest crypto exchange platforms to the already existing wide ecosystem of Sumsub’s VASPs to ensure regulatory compliance, boost market credibility, and provide streamlined and interconnected crypto transactions.

The protocol-agnostic Travel Rule solution by Sumsub provides a full compliance toolkit across the entire customer lifecycle. What should you know about Binance and Sumsub Founded in 2017, Binance and Sumsub first partnered in 2021. Its product suite includes he largest digital asset exchange, with an average daily transaction volume worth USD 65 billion.

At the same time, Sumsub provides a wide array of services, including KYC, KYB, transaction monitoring, fraud prevention, and travel rule solutions for customers to orchestrate their verification process, reduce costs, and meet compliance requirements. The company has over 2,000 clients across the fintech, crypto, transportation, trading, ecommerce, and gaming industries, from Binance and Wirex to Unlimit and Kaizen Gaming. .