Coinbase Receives Another 2,313 Customer Data Requests from Governments in Second Half of 2020
Much like the first half of 2020, 90% of these requests came from the US, UK, and Germany. In the US, over half of requests came from the FBI and Homeland Security.
Coinbase released its second Transparency Report to share how it handles legitimate government requests for some customer data.
The report came the same day, DOJ announced that the IRS is now authorized to serve a John Doe summons on the crypto exchange Kraken seeking information about US taxpayers who conducted at least $20,000 of worth transactions.
Coinbase received a total of 4,227 requests in 2020, 54% of them (2,313) were made between July 1, 2020, and December 31, 2020, reported the San Francisco-based company.
Much like the first half of 2020, 90% of these requests came from the US, UK, and Germany.
Similarly, the Federal Bureau of Investigation (FBI) and Homeland Security Investigations (HSI) comprise the majority of U.S. law enforcement information requests at ~50.9%.
During the second half of 2020, 51% of total requests came from US agencies, down 7% from the first half of the year. During this period, there was a 20% increase in requests from France. Paul Grewal, Chief Legal Officer at Coinbase said,
“While these reports are common in tech, they remain rare in financial services. We’d like to see that change and challenge the nation’s largest financial institutions to commit to publishing similar reports on a regular basis.”