The post Coinbase’s 5th Annual Transparency Report Reveals a 6% Rise in Law Enforcement Requests appeared first on Coinpedia Fintech News
The Coinbase exchange has released its 5th annual transparency report, and in its 2023 report, Coinbase revealed a 6% increase in requests for customer information from government agencies and law enforcement compared to the previous year. The report, which covers the period from October 1, 2022, to September 30, 2023, also highlights a notable expansion in the geographic scope of these requests.
Key Takeaways
Approximately 73% of the 13,079 data requests made to Coinbase by law enforcement agencies during the time period of Q4 2022 to Q3 2023 originated from four countries: the United States, Germany, the United Kingdom, and Spain.
Coinbase responds to requests for customer information, including names, last login/logout IP addresses, and payment details, in accordance with financial regulations and other applicable laws. However, in certain instances, the company may challenge these requests by requesting that the government or law enforcement agency narrow the scope of their request.
Breakdown of Requests by Country
The United States led the pack in terms of requests, making 5,686 requests to Coinbase, up from 5,304 the previous year. A staggering 90.4% of these requests originated from criminal enforcement agencies.
Germany followed in second place with 1,906 requests, while the United Kingdom saw a slight decline in requests, dropping to 1,401 requests. Spain rounded out the top four with 732 requests.
Australia experienced a significant surge in requests, sending 262% more than the previous year, which propelled it to sixth place with 453 requests. Ukraine and Portugal also saw substantial increases in requests, but they did not make it into the top 15.
Additional points of interest
In a recent report spanning Q4 2022 to Q1 2023, Coinbase disclosed the number of legal requests it received, which included subpoenas, court orders, search warrants, and other formal legal processes. Notably, Coinbase revealed in a blog post last September that 83% of G20 members and major financial hubs have implemented or passed legislation on crypto. These regulatory measures encompass significant developments such as the European Union’s MiCA regulation, passed in April.
Overall, Coinbase’s transparency report provides insights into the company’s interactions with government agencies and law enforcement regarding customer information requests. The report also highlights the growing role of law enforcement in the crypto industry.
#News #CoinbaseExchange #Cryptonews [Source: Coinpedia]