A decision Wednesday by Europe’s primary data regulator could have Big Tech firms rethinking their plans to charge users for not selling their personal data for behavioral advertising.

The European Data Protection Board (EDPB) questioned if paying a fee to ensure data is not used to pitch advertising to users qualified as “consent” under the “pay-or-consent” models popularized by major online platforms.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...