![]() ![]() “For example, Binance is a member of a competing Travel Rule alliance member called TRISA. There are likely competing business interests,” said Ohtamaa. “Membership eligibility criteria and how the TRUST network operates are not transparent. “It is unknown who can become a TRUST member, as this happens at the discretion of Coinbase,” said Ohtamaa.Ĭoinbase invites companies to contact them through their website if they are interested in joining the initiative. It has now expanded to the UK, Europe, and Singapore.Īs of August, over 90 entities including Circle, Kraken, Paypal, Robinhood, Revolut, Fidelity, and Binance.US - but not global parent company Binance - were included in the initiative, according to Coinbase. The TRUST NetworkĬoinbase launched TRUST in the US in February 2022. “What happens if you provide Gemini with the deposit address of a non-TRUST cryptocurrency exchange and report it as your own is unclear,” he added. “As far as I understand, the law does not protect the consumer and say that they are eligible to the withdrawal of their assets.” “Whether or not Gemini and other TRUST members will tighten the deposits and withdrawals in the future is unknown,” said Ohtamaa. ![]() “The forthcoming restrictions from Gemini UK will make it much harder for Bitcoin and other cryptocurrency users to move their assets into self-custody,” Josef Tetek, a Bitcoin analyst at hardware wallet provider Trezor, told DL News. It’s a platform that allows crypto companies to securely share data with each other in compliance with the Travel Rule, a regulation aiming to prevent money laundering. The crypto exchange announced on Tuesday that UK customers must make their payment through companies registered with TRUST, which stands for the Travel Rule Universal Solution Technology. This means that all active API Keys will be disabled and we will not allow the creation of new Keys. Note for UK customers: From the 22nd November 2023 we will disable all API functionalities for our UK customers. Not currently available on the Mobile App and Web UI. Gemini’s decision to restrict UK customers’ ability to conduct cryptocurrency transactions has left users outraged and confused. Note: All pairs are available on Gemini ActiveTrader and Gemini APIs.
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