Coinbase, a U.S.-based cryptocurrency exchange, disclosed receiving more than 13,000 inquiries from law enforcement agencies in 2023, as outlined in its Transparency Report.
Key Takeaways
- Coinbase received a total of 13,079 requests from law enforcement agencies, indicating a 6% YoY increase.
- The U.S. led in activity, accounting for 5,868 requests, constituting 57% of the total inquiries.
- Countries like Germany, the U.K., Spain, and, notably, Ukraine, demonstrated increased engagement, with Armenia making its first requests to Coinbase in 2023.
- Approximately 95.6% of the requests were tied to criminal cases, with a minor 4.4% related to civil or administrative legal matters.
Increasing Demand and Geographical Trends
Coinbase’s recently released “Transparency Report” for the period spanning October 2022 to September 2023 revealed a notable uptick in inquiries from law enforcement agencies.
U.S.-based cryptocurrency exchange Coinbase has revealed it received over 13,000 requests from law enforcement agencies.https://t.co/KraKq7IGvx
— crypto.news (@itscrypto_news) December 1, 2023
The total count exceeded 13,000, marking a 6% increase compared to the previous year. The United States emerged as the most active participant, contributing 5,868 requests, constituting 57% of the total inquiries during this timeframe.
Nature of Requests and Coinbase’s Response
A significant aspect highlighted in the report is the nature of the requests. The overwhelming majority, approximately 95.6%, pertained to information sought as part of criminal investigations.
In contrast, only 4.4% were related to civil or administrative legal actions. Coinbase underscored its commitment to regulatory by expressing its aim to provide anonymized or aggregated data, aiding law enforcement without compromising individual customer information.
To Conclude
Coinbase’s transparency report unveils a surge in requests from law enforcement agencies, with the United States leading in activity. The nature of these inquiries, primarily focused on criminal cases, underscores the platform’s role in assisting authorities.
Coinbase remains committed to privacy, striving to provide information in a manner that safeguards user identities.
