Through the integration, Sumsub intends to assist financial institutions, fintech organizations, and Virtual Asset Service Providers (VASPs) engaged in cryptocurrency transactions with verifying transaction data when dealing with Binance.

In order to ensure secure transaction data validation when working with Binance entities, which in total encompass over 183 million users, the new integrated solution will look to provide access to a large ecosystem of Virtual Asset Service Providers (VASPs) who are participants of the Sumsub Travel Rule ecosystem, as well as financial institutions and fintech companies involved in crypto transactions.


The companies are developing interoperability to address the biggest challenge in the crypto compliance space, known as the "sunrise issue," which is that counterparties are unreachable because not all VASPs are required to follow the Travel Rule requirements. Sumsub's crypto expertise and state-of-the-art technologies are being leveraged by the companies to achieve this goal.

"The Global Travel Rule Alliance is an exciting step forward in solidifying our international compliance efforts," said Binance's deputy chief compliance officer, Steve Christie.


We're especially excited about the opportunity it presents to unify our efforts worldwide and overcome the obstacle of disjointed regional integrations. This measure not only puts us in compliance with FATF's international regulations, but it also proactively gives our large user base the guarantee that their transactions and data are safe. The trust, security, and transparency that our users can anticipate from Binance are enhanced by this partnership.

Specializing in worldwide interoperability, regulatory certainty, and market legitimacy, the collaboration represents a significant advancement in guaranteeing seamless and networked bitcoin transactions.


Keeping the crypto industry interoperable

Binance, which was established in 2017, has been a client of Sumsub since 2021. By introducing its protocol-agnostic Travel Rule solution in March 2023 and providing a comprehensive compliance toolbox for the duration of the client lifecycle, Sumsub set a new standard for the cryptocurrency sector.

"Integrating with Global Travel Rule Alliance is a significant milestone for us, underscoring the importance of collaboration in the crypto space," said Jacob Sever, co-founder and chief innovation officer of Sumsub, in explaining the significance of the move. In order to ensure interoperability and solve the sunrise issue, Sumsub's Travel Rule solution has integrated the GTR protocol, which is a significant improvement.

"This relationship not only improves the global crypto ecosystem's infrastructure but also cultivates trust within and beyond the business by facilitating smooth contact between members of both ecosystems. Future plans call for Sumsub to work toward natively integrating more protocols into its Travel Rule solution.

Sumsub conducted a review of more than 100 cryptocurrency companies in October 2023 and examined over 800,000 fraud attempts and millions of verification checks within the crypto sector between 2022 and 2023. In its research titled "State of Verification and Monitoring in the Crypto Industry 2023," it made public its conclusions. Its results show that Travel Rule is still one of the two biggest obstacles facing cryptocurrency businesses globally, the other being increasingly sophisticated fraud techniques like deepfakes produced by artificial intelligence.