Luno, the global cryptocurrency investment app that aims to put the power of crypto in everyone’s hands, has today announced that it will be joining as a member of the Travel Rule Universal Solution Technology (TRUST). TRUST is a global, industry-driven solution designed to comply with a requirement known as the Travel Rule, while prioritising customer security and privacy.

The Travel Rule requires a virtual asset service provider to collect details about the parties to a crypto transaction and to exchange that information with the provider on the other side of the transaction, much like banks do.

TRUST launched in the US in early 2022, but quickly expanded to Canada, Singapore and now Europe. As TRUST membership continues to attract industry-leading virtual currency exchanges, brokerages, custodians, and wallet providers around the world, Luno is confident that Travel Rule compliance across the industry will accelerate.

TRUST will be added to Luno’s existing technology stack aimed at complying with the Travel Rule. Luno has been a member of Notabene.id since January 2021. Adding TRUST to this stack means that Luno will be able to interact with an additional network of virtual asset service providers and demonstrates our commitment to complying with the objectives behind the Travel Rule.

“At Luno, we want people all over the world to have access to a secure financial system. We’re excited to join the TRUST network and continue to strengthen the safety and security of our platform for our customers. This membership will allow us to broaden our existing Travel Rule capabilities. It will also set us up to comply with the Travel Rule in the UK before the September 2023 deadline as well as across Europe”, comments Sam Kopelman, UK Country Manager from Luno.

This partnership enhances Luno’s promise of putting its customers first, with a safe and trusted crypto experience while meeting the new regulatory requirements. The Travel Rule compliance solution is specifically designed to deliver top-tier safeguards to customers’ privacy and security, including:

• No central store of personal data: Sensitive customer information is not centrally stored where it could be targeted by an attacker or misused by a third-party. The required information is only directly sent from one TRUST member to another, through end-to-end encrypted channels, and the receiver is required to safeguard it.
• Proof of address ownership: TRUST includes a mechanism for the receiving member to prove that it is the owner of the receiving crypto address before customer information is sent — this ensures the right information is sent to the right member.
• Core security & privacy standards: All TRUST members are required to meet core anti-money laundering, sanctions, security, and privacy requirements before joining the solution.

“We continue to proactively work with regulators to bring more clarity and maturity to the crypto market. In anticipation of regulatory changes, joining the TRUST network is certainly a step in the right direction”, concludes Thomas Tudehope, Global Head of Public Policy at Luno. “We are determined to ensure that our customers can access the crypto ecosystem in the safest possible way and the service we provide is always reliable.”