Coinbase saw 20% jump in data requests from global law enforcement

Coinbase disclosed the amount of data requests it received in the second half of 2020. This is the Coinbase logo in transparent glass.

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.

Prefer to listen to your news? The Protos Podcast delivers the week’s top stories every Friday.

Was this article interesting? Share it