Binance will transfer data on transactions over $1 thousand.

Binance will transfer data on transactions over $1 thousand.

The largest cryptocurrency exchange Binance will monitor all user transactions and transfer those that exceed $1 thousand.

Binance has joined the Global Travel Rule (GTR) organization. This way, the site will begin to meet the requirements of the Financial Action Task Force on Money Laundering (FATF).

The GTR Alliance is a global community of virtual asset providers (VASP). They use a comprehensive solution in order to comply with the international anti-money laundering rule, or Travel Rule ("Transfer Control Rule").

According to FATF recommendations, financial institutions and VASP should collect personal data of users transferring over $1 thousand and transfer them to the GTR organization. However, the threshold value varies depending on the jurisdiction.

The transmitted information includes:

  • the name of the sender and the address of his wallet;
  • the physical address of the sender;
  • the customer's identification number or the date and place of his birth.

The rule is designed to help the authorities in the fight against crime. More than 200 countries have already joined it.

"As a trusted service provider in the digital asset ecosystem, we have a responsibility to ensure the security and confidentiality of users' personal information," Binance said in a statement.


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