Coinbase today got 1,900 requests for client information from law enforcement during the first half of the year 2020!
Coinbase has finally said that it got around 1,914 requests for the customer data from worldwide law enforcement agencies at the beginning of the first six months of the year 2020. Thus, it is yet not clear about the number of requests which were fulfilled.
In their first transparency report that was published on Friday, the U.S. crypto exchange that enhanced the user base of 38 million finally said - around 97% of all the requests need to pass with criminal investigations.
The US-based agencies finally accounted for the highest number of requests and sent around 1,113 requisitions or over 58% of the overall. Minimum 441 that is around 23% of all requests came from the U.K. And around 176 or say around 16.5% were from Germany and the remaining ones were from different parts of the globe.
In the U.S., it was disclosed that the organization named the Federal Bureau of Investigation (FBI) requested for the most data and information. Then it submitted over and out 340 requests that were followed by different agencies like 184 requests from Homeland Security Investigations, 180 requests from Drug Enforcement Administration, and local state agencies with overall 104 requests.
All of the remaining requests were received from the Securities and Exchange Commission, the Secret Service, the Commodity Futures Trading Commission, Immigration and Customs Enforcement, and the Postal Inspection Service, the Department of Justice.
The chief legal officer - Paul Grewal, at Coinbase said all the requests received from law enforcement hugely come in the subpoenas form. Sometimes, all the requests include things like court orders, search warrants, and other formal processes - he says.
The transparency report of Coinbase comes after the censure of exchange by its groups of digital rights named Economic Frontier Foundation.
Crypto Business World
CBW - External Analyst