Coinbase revealed that in the first six months of 2020, it received a total of 1,914 customer data requests from law enforcement agencies around the world. However, it is not clear how many requests have been met.
The U.S. cryptocurrency exchange with 38 million users said in its first so-called “transparency report” released on Friday that 97% of the requests were related to criminal investigations.
The US agency represented the most requests, sending 1,113 requests, accounting for 58% of the total. At least 441 (23%) are from the UK, 176 or 16.5% are from Germany, and the rest are from other parts of the world.
Inside the United States, Coinbase revealed that the FBI requires the most information. It submitted 340 requests, followed by the Homeland Security Investigation (184), local state agencies (180) and the Narcotics Administration, which made 104 requests.
The Securities and Exchange Commission, the Commodity Futures Trading Commission, the Secret Service, the Postal Inspection Service, the Ministry of Justice, and immigration and customs enforcement also made other requests.
Paul Grewal, chief legal officer of Coinbase, said that law enforcement requests are mainly made in the form of subpoenas. He added that sometimes, these requests involve search warrants, court orders and other formal procedures.
Grewal pointed out: “We respect the legitimate interests of government authorities in pursuing bad actors who abuse others and our platform, but we will still not hesitate to back down at the appropriate time…”
Coinbase’s “transparency report” was conducted after the digital rights organization “Economic Frontier Foundation” condemned the exchange. The team recommended that Coinbase publish such reports “so that the public knows who is making these requests or how often they are.”
What do you think of the cooperation between Coinbase and law enforcement agencies? Let us know in the comments section below.
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