Coinbase Law Enforcement Requests Increased By 66%

Through September 30 of this year, Coinbase had received 12,320 inquiries from law enforcement, an increase of 66%. Wherein, 43% of requests come from the U.S., followed by the UK, Germany, and Spain.

The latest transparency report from the exchange shows that the U.S. accounted for 43% of all requests, followed by the UK, Germany, and Spain.

Since last year’s report, these requests have more than doubled, which we attribute to a combination of our own expansion and an overall increase in law enforcement and regulatory interest in the crypto industry.

Paul Grewal, chief legal officer of Coinbase, said in the blog post

Coinbase, which currently serves more than 108 million customers worldwide, routinely receives requests from law enforcement and government agencies seeking customer account information and financial records in connection with civil, criminal, or other investigative matters and complies with those requests.

The surge occurs months after Tornado Cash was penalized by the Office of Foreign Assets Control of the United States Treasury for being utilized by a North Korean hacker organization. For alleged transgressions of the Iranian Transactions and Sanctions Regulations, Kraken agreed to settle with OFAC last month.

Additionally, Grewal claimed that law enforcement agencies made the vast majority of requests in relation to cases of criminal enforcement both internationally and in the United States. Such requests may be made via subpoenas, court orders, search warrants, or other official legal procedures.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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