In its latest Transparency Report published on 12 December, cryptocurrency exchange Coinbase revealed that it had received 66% more requests from global law enforcement agencies in 2022 as compared to 2021.
Of the total 12,320 requests, the US accounted for 5,304 while the United Kingdom, Germany, and Spain issued the highest number of requests at 1,740, 1,668 and 1,304 respectively. When addressing the report, Coinbase stated that it aims to “provide customers with data about requests for their information that we receive from government agencies and law enforcement” and to “provide some insight into law enforcement and regulatory trends around the world.”
The exchange also commented on concerns over user privacy, mentioning that it carefully reviews law enforcement and agency requests before providing data to ensure it is honoring customers’ rights over their personal information. In addition to the US and the countries mentioned above, 11 countries sent more than one request for the first time in 2022. These included Andorra (2), Argentina (2), Brazil (5), Bulgaria (3), China (12), Croatia (3), Czech Republic (104), Liechtenstein (4), Serbia (5), Slovakia (6) and Taiwan (6). Nearly 57% of requests from outside the US saw a surge of around 6%.
According to the report, 95% of all law enforcement requests were for criminal investigations, with the rest mainly around civil or administrative purposes. This indicates that global law enforcement agencies are increasingly focused on tracking illicit activities in the cryptocurrency space, and Coinbase is doing its part to ensure that it is compliant with all regulations. All in all, Coinbase’s Transparency Report is a great source of insight into the cryptocurrency regulatory landscape. It is clear that the company is taking the necessary steps to ensure that it is providing customers with the data they need while also protecting their privacy.
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