Coinbase has received over 1,800 requests for information from enforcements within the primary half of this year, largely within the form of subpoenas, the firm revealed today within an official report.
The San Francisco-based cryptocurrency exchange published the info in its primary ever transparency report. Earlier this year, the virtual rights advocacy group EFF [Electronic Frontier Foundation] requested that the exchange be more transparent in how it handles authorities’ requests for users’ private financial data.
Additionally to the criminal data requests, Coinbase received a variety of civil or administrative requests from government agencies, for over 1,900 requests.
Over 1,100 of the requests came from agencies within the U.S. and 441 came from the U.K. The majority of the requests came from the United States FBI.
“As a financial organization with a requirement to detect and stop prohibited activity on its platform, we respect the legitimate interests of state authorities in pursuing bad actors who abuse others and our platform,” the firm wrote within a blog post. “Yet we don’t hesitate to keep off where appropriate, even when it’s inconvenient or costly to try for so. That’s why each request we receive is handled by a team of experienced specialists in accordance with set procedures to verify the validity of the request and narrow or object to requests that are overly broad.”
The move comes a month and a half after the Electronic Frontier Foundation, a virtual rights nonprofit organization, called on the leading United States exchange to be more transparent about how it handles private user financial data.
The EFF revealed that Coinbase should detail the number of requests it receives also as how it approaches these requests through the utilization of transparency reports.