Crypto exchange Coinbase says it recorded a 6% increase in requests from government and law enforcement agencies compared to 2022, and the number of jurisdictions issuing requests increased by 19. according to the stock exchange's annual transparency report.
Four countries (the United States, Germany, the United Kingdom, and Spain) accounted for nearly three-quarters (73%) of the 13,079 information requests from agencies to Coinbase between Q4 2022 and Q3 2023.
The United States made 5,686 requests to Coinbase, up from 5,304 last year, 90.4% of which came from criminal law enforcement agencies. That number eclipsed the 1,906 applications from Germany, which ranked second. Germany swapped places with the UK compared to last year, and the country saw a small decline in applications over the year, down to 1,401 applications. This still far exceeds the 732 in Spain, which ranks fourth.
Meanwhile, Australia submitted 262% more applications to Coinbase compared to the previous year, putting it in sixth place with 453. Applications from Ukraine tripled and those from Portugal doubled, but those countries still did not register among the Top 15.
The report covered the last quarter of 2022 and the first three of 2023. The requests Coinbase counted included subpoenas, court orders, search warrants, and other formal legal processes. Coinbase provided "customer information, such as name, recent login/logout IP address, and payment information" in response to requests, but may sometimes reject requests:
โOur obligation is to respond to these requests if they are valid under financial regulations and other applicable laws. [โฆ] In certain circumstances, we may ask the government or law enforcement agency to limit your request.โ
Coinbase saying in a blog post in September that 83% of โG20 members and major financial centersโ have crypto regulations in place or have passed cryptocurrency laws. These regulations include the European Union Regulation of cryptoasset markets (MiCA), approved in April, and other initiatives.
Meanwhile, law enforcement agencies around the world have begun to turn up the heating on crimes related to cryptocurrencies, with many reinforce its police units to track potentially illicit crypto transactions.
Related: Coinbase Warns Customers of Subpoena in Apparent CFTC Bybit Investigation
Coinbase itself was subject to coercive measures in June of this year in the form of a lawsuit filed by the United States Securities and Exchange Commission alleging the sale of unregistered securities. He challenged the authority of the SEC in the case in a court filing in October.
Coinbase is proud to present our fifth annual Transparency Report. By openly sharing this information about government data requests, we reaffirm our commitment to earning the trust of our customers, partners, and the communities we serve. 1/3 https://t.co/xjntkVPIqd
โ paulgrewal.eth (@iampaulgrewal) November 30, 2023
Coinbase is active in more than 100 countries. In September, announced plans to focus on expansion in the European Union, United Kingdom, Canada, Brazil, Singapore and Australia. Those jurisdictions are โenacting clear rules,โ the exchange said.
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