The world’s largest cryptocurrency exchange will disclose confidential data of its users

Binance will monitor all transactions of its users and transmit those exceeding $ 1000. The world’s largest cryptocurrency exchange has joined the Global Travel Rule (GTR) organization. This will help the platform meet the requirements of the Financial Action Task Force on Money Laundering (FATF).

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

According to the FATF recommendations, financial institutions and VASPs must collect personal data of users who transfer more than $ 1000 and transfer it to the GTR organization. However, the threshold varies from jurisdiction to jurisdiction. The information transmitted includes:

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

Such rules are intended to help authorities fight crime. More than 200 countries have already joined GTR. «As a trusted service provider in the digital asset ecosystem, we are committed to ensuring the security and privacy of users' personal information ,» Binance said in a statement.

The cryptocurrency community is debating the FATF recommendations. According to users, the rule violates the nature of cryptocurrencies, which provides for financial autonomy without government oversight.