Data protection regulations, such as GDPR and CCPA, require websites and embedded third-parties, especially advertisers, to seek user consent before they can collect and process user data. Only when the users opt in, can these entities collect, process, and share user data. Websites typically incorporate Consent Management Platforms (CMPs), such as OneTrust and CookieBot, to solicit and convey user consent to the embedded advertisers, with the expectation that the consent will be respected. However, neither the websites nor the regulators currently have any mechanism to audit advertisers' compliance with the user consent, i.e., to determine if advertisers indeed do not collect, process, and share user data when the user opts out.In this paper, we propose an auditing framework that leverages advertisers' bidding behavior to empirically assess the violations of data protection regulations. Using our framework, we conduct a measurement study to evaluate two of the most widely deployed CMPs, i.e., OneTrust and CookieBot, as well as advertiser-offered opt-out controls, i.e., National Advertising Initiative's opt-out, under GDPR and CCPA -arguably two of the most mature data protection regulations.Our results indicate that user data is unfortunately still being collected, processed, and shared even when users opt-out. Our findings suggest that several prominent advertisers (e.g., App-Nexus, PubMatic) might be in potential violation of GDPR and CCPA. Overall, our work casts a doubt if regulations are effective at protecting users' online privacy.