💰inance will share transaction data exceeding 1,000 USD with regulators

💰inance will share transaction data exceeding 1,000 USD with regulators

Binance is eager to demonstrate its commitment in the fight against money laundering: the cryptocurrency exchange platform has joined the international organization Global Travel Rule and will now share data on "suspicious transactions"... Given the established limit, almost all transactions will qualify as suspicious.

➖ Travel Rule — "*Transaction Control Rule*". This is a regulation with global reach, created in 2016 and promoted by the community of virtual asset providers (VASP). Currently, the organization already has 200 GEOs.

➖ According to FATF (Financial Action Task Force) recommendations, financial institutions and VASPs must send personal user data to GTR for users transferring more than 1,000 USD.:

👁 Sender's name

👁 Their wallet address

👁 Sender's physical address

👁 Customer identification number - or date and place of birth

This doesn't seem to align well with the fundamental concept of freedom upon which cryptocurrencies and blockchain are based...

As for regulation: for example, Argentinians🇦🇷 have urged President Milei not to subscribe to participation in GTR.

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