Binance Agrees to Unprecedented Data Sharing in $4.3B Settlement with US Regulators
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Binance's $4.3 billion settlement with US authorities requires unprecedented data sharing with regulators, including 5 years of transaction records.
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The company must file suspicious activity reports on past transactions and have an internal "monitor" overseeing compliance.
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Critics see it as a privacy overreach, aimed at setting a precedent for increased crypto regulation.
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Binance collected little user info in the past, but combined with blockchain and other exchange data, users can still be identified.
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With massive fines looming if Binance violates the deal, it and its users may have no choice but to comply.