Coinbase denies reports of selling customer data to the US government

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security. 

On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they “didn’t sign up for that.” They tweeted:

In a statement on Twitter, Coinbase clarified that the firm “does not sell proprietary customer data.” The exchange highlighted that its foremost priority is giving a safe and secure experience to the users of the platform. 

Additionally, the crypto platform has also explained that its Coinbase Tracer tools are created to comply with government requirements. Coinbase noted that this is used to investigate finance-related crimes such as terrorist financing and money laundering. According to the exchange, the information they provide to the government comes only from public sources and not from Coinbase user data.

Back in September 2021, Coinbase inked a deal with the ICE for developing software for the government agency. The agreement compels the exchange to provide “application development software as a service” to the ICE in exchange for $1.36 million.

Related: Coinbase to track off-exchange transactions from Dutch customers

Despite the setbacks caused by the current crypto winter, Coinbase is looking to expand its operations in Europe. The exchange has begun hiring staff in Switzerland and is licensed to operate in countries like Germany, Ireland and the United Kingdom.

Last week, credit rating firm Moody’s downgraded Coinbase’s Corporate Family Rating (CFR), which is the firm’s opinion on Coinbase’s capability to pay its financial obligations. The rating agency also downgraded the exchanges’ guaranteed senior unsecured notes, which is debt that is not backed by any collateral assets.

All Dutch and English crypto news!

UNCTAD takes aim at crypto in developing world in a series of critical policy briefs

The United Nations Conference on Trade and Development (UNCTAD) released a policy brief Wednesday on cryptocurrency. It is the third brief in a row the...

Robinhood to face class action lawsuit from meme stock debacle: Report

Cryptocurrency and stock trading platform Robinhood will allegedly face allegations of market manipulation as part of a class-action lawsuit brought by investors in "meme stocks"...

Cardano price: Analyst explains ADA price outlook over coming weeks

Cardano (ADA) is trading near $0.53, just about in the green on Thursday evening as the crypto market looks to hold onto yesterday's gains. The ADA/USD...

Maven 11 launches $30M lending pool on Maple as borrowers turn to DeFi

Netherlands-based crypto investment firm Maven 11 has launched its third lending pool on Maple Finance, giving borrowers access to liquidity amid the bear market. The $30...

Beste exchanges

Koop je crypto bij Bitvavo