How long should cryptocurrency exchanges retain BSA records?

3 answers

• Nov 25, 2021 · 3 years ago
  As an expert in the field, I would recommend that cryptocurrency exchanges retain BSA records for a minimum of five years. This duration aligns with the requirements of traditional financial institutions and ensures compliance with anti-money laundering regulations. By retaining records for this period, exchanges can provide a comprehensive audit trail if required by regulatory authorities or law enforcement agencies. It also demonstrates a commitment to transparency and accountability within the cryptocurrency industry.
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• Nov 25, 2021 · 3 years ago
  In my opinion, cryptocurrency exchanges should retain BSA records for at least three years. This duration strikes a balance between regulatory compliance and operational efficiency. By keeping records for this period, exchanges can fulfill their obligations without burdening their systems with excessive data storage. Additionally, it allows for the timely detection and investigation of any suspicious activities. However, it's important to note that the specific retention period may vary depending on jurisdiction and local regulations.
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• Nov 25, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, the recommended duration for retaining BSA records is seven years. This extended period ensures compliance with a wide range of regulatory frameworks and provides a robust defense against potential legal challenges. By retaining records for this duration, exchanges can demonstrate their commitment to due diligence and risk management. It also allows for the identification of patterns or trends that may not be immediately apparent within shorter retention periods.
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