Safello enters into an agreement with TRUST to ensure compliance with the Travel Rule
Stockholm 17 September 2024 | Safello, the leading cryptocurrency exchange in the Nordics, has entered into an agreement with TRUST, a secure infrastructure to meet the requirements as the so-called "Travel Rule" expands to include cryptocurrency transactions. This step is a crucial part of Safello's efforts to ensure regulatory compliance and protect customer data and privacy.
The Travel Rule stems from the Financial Action Task Force's (FATF) international standards and requires financial institutions to share certain information about the parties in a transaction when money is transferred to another financial institution. The aim is to increase the traceability of transactions to prevent money laundering and the financing of terrorism. Through the recently adopted EU regulation (EU) 2023/1113, the Travel Rule is expanded to include providers of crypto-asset services and crypto-assets starting from the turn of the year. By becoming part of the TRUST network, Safello is well-positioned to meet these new and stricter requirements.
TRUST is a well-established membership network in both the US and Europe, developed in collaboration with several leading cryptocurrency exchanges such as Coinbase, Kraken, Gemini, BitGo, and Fidelity Digital. The platform offers a decentralized solution where each crypto service provider must verify address ownership and share information peer-to-peer, ensuring that all necessary information can be transferred securely while protecting customer data.
"Entering into an agreement with TRUST is a natural step in our ongoing efforts to meet and exceed regulatory requirements, while ensuring the security of our customers' assets and privacy," says Emelie Moritz, CEO of Safello.
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For more information, please contact
Christian Ploog, press@safello.com
Certified Adviser
Amudova AB is Safello’s certified adviser.
Safello is the leading cryptocurrency exchange in the Nordics, with over 376,000 users. The company is empowering financial independence by making crypto accessible to everyone. Safello offers a secure way to buy, sell and store crypto in seamless transactions at industry-leading speeds. Operating in Sweden, Safello has been registered as a financial institution with Finansinspektionen (Swedish Financial Supervisory Authority) since 2013 and is listed at Nasdaq First North Growth Market since 2021. For more information visit www.safello.com.