Coinbase saw 20% jump in data requests from global law enforcement
The Federal Bureau of Investigation (FBI) and Homeland Security Investigations (HSI) made 51% of all data requests to Coinbase in the second half of 2020.
Coinbase said data requests usually arrive as subpoenas and to a lesser extent search warrants, court orders, and “other formal processes.”
Between July 1 and December 2020, Coinbase received 2,313 information requests — up 20% from the 1,914 in the first six months of the year.
- 96% from international law enforcement agencies.
- 90% of those from the US (1,197), UK (597), and Germany (260).
- 20% more requests from French police (45 to 69).
Civil and Administrative agencies made the other 99, according to the crypto exchange’s latest transparency report. That’s a 50% jump on 2020’s first half.
Only a dozen SEC data requests
The Securities and Exchange Commission (SEC) accounted for 1% of Coinbase’s data requests (about 15). Even less came from the Commodities Futures Trading Commission (less than 5).
Coinbase noted 7% fewer from US agencies overall.
The slight drop in activity from US agencies might be curious, but the increase elsewhere is unsurprising as the crypto market grew over 300% last year — from $240 billion to $760 billion.
It’ll be interesting to see how many data requests Coinbase gets hit with now the company has gone public.
[Read more: Kraken hit with IRS move that cracked Swiss bank secrets in 2008]
The Delaware-headquartered crypto exchange opened trade on the Nasdaq last month under the ticker COIN.
Coinbase stock is currently trading at record lows, down over 30% since its direct listing on April 14.
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