The San Francisco-based cryptocurrency exchange Coinbase has said in a report that it has received over 1900 information requests from various law enforcement agencies so far this year. The majority of these requests came from the United States’ agencies especially from the United States Federal Bureau of Investigation (FBI), the report revealed. Almost 90 percent of the requests were received from the United States, the United Kingdom, and Germany. Out of this, 60 percent came from the United States’ agencies.
A total of 1914 requests for information
Coinbase, one of the leading digital currency exchanges has released its first transparency report in which it has given details over the requests that it has received from various law enforcement agencies for information in the first half of the year 2020. According to the exchange’s transparency report, there were 1914 information requests in total that it has received so far from agencies. These include civil or administrative requests and criminal information requests.
As per the report, over 1,100 requests were sent by the United States’ federal agencies to the Coinbase exchange. The United States law enforcement agency the Federal Bureau Investigation (FBI) sent a majority of these requests. The US FBI sent a total of 340 requests to Coinbase. While on the other hand, the cryptocurrency exchange received 184 requests from Homeland Security Investigations (HSI). 180 and 104 requests were sent by local state agencies and the Drug Enforcement Administration (DEA) respectively, as per the report.
At the beginning of this year, the major digital currency exchange received a request from Electronic Frontier Foundation (EFF) a digital rights advocacy group.EFF asked the crypto exchange to show transparency in its handling of requests of authorities for the private financial data of users.
Coinbase said in the announcement that it is important to ensure transparency for maintaining the trust of its customers. Therefore, it said that it will continue to issue transparency reports regularly. “We are restricted from disclosing some of the information requests we receive, over time we hope to update and improve our reports with additional information, resources, and observations,” the exchange added.