Coinbase’s Legal Requests Fall by 18%—What’s Behind the Surprising Shift?

By TNYR
4 days ago
UTED BTC WHEN SAGA

According to a recent report, Coinbase has received a total of 10,707 requests from law enforcement and governmental institutions all over the world throughout the year. When compared to the last reporting period, this represents a decrease of 18%.

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For the third time in a row, the United States topped the statistics of most requests, despite the fact that this has decreased this year. Other key markets were also not left unchanged as their figures were also impacted. Germany, the UK and Spain were down 33, 45 and 35% respectively.

However, Singapore changed the trend. Requests emanating from the region rose by 221 percent from 34 to 109 requests in a year’s time. The sharp growth mirrors the increased prominence of Singapore as a crypto centre as well as growing regulatory pressure in the region.

Deep Dive in the Criminal Enforcement Submission

According to Coinbase’s submission as of October 2023, more than 80% of all information requests came from the United States, the United Kingdom, Germany, France, Spain, and Australia. Most of these requests originated from authorities that were involved in the investigation of crimes such as financial crime, fraud, and many others.

Coinbase Sees 18% Decline in Legal Requests from Authorities

A variety of legal instruments were used, including subpoenas, court orders, and search warrants, to make these requests. Coinbase noted that the only requests it complies with are those that fall within the law’s confines.

Legal, analytical, and privacy practitioners who are interested in compliance with the law and the protection of customer rights scrutinize every request because of the company’s strong internal procedures.

Many requests involve sharing as much granular data as possible. Sadly, whereas Nairobian respondents are quick to ‘complain’ when they do share this granular data when it is in demand, the report seems to suggest otherwise and makes a clear effort to examine how more compliant they can be in terms of data requests. Aiming to respond to legal requests in compliance with the law without compromising customer interference and the absolute right to remain anonymous.

The company also stresses its stand that despite providing information about users, such as their names, IP addresses, and payment information, specific legal requests allow Coinbase to provide this information when required without giving governments full access to their systems.

Coinbase Sees 18% Decline in Legal Requests from Authorities

With this information, Coinbase is seeking to promote an understanding of how transparency works within regulation.

Coinbase Hit with User Backlash Over Account Restrictions Saga

Coinbase has communicated its stance on account limitations, associating the situation with the growing attempts to commit fraud after the US presidential elections.” The worry that mass account limitations would come into effect was unwarranted and nothing but a product of fear and disinformation, the exchange said, according to a note posted on December 8 through X.

So far, increased activity on the platform led to a threefold increase in the number of attempts to defraud users, explaining this trend during the busy periods that are typical for the platform. The platform’s fraud aversion systems do block millions of dollars in potential losses in the month of November. However, increased security features have caused more restrictions on accounts and longer waiting periods for customer service responses.

FAQs

How much can you send on Coinbase?

If you’re a verified user, you can send or receive up to $250,000 a day through wire transfers. This makes Coinbase a great choice for high-volume traders or institutional investors handling larger transactions.

How can you get $200 free on Coinbase?

Coinbase offers a sign-up bonus. To claim it, create an account and make your first cryptocurrency purchase. After that, you can spin a reward wheel for a bonus ranging from $3 to $200, which is credited in Bitcoin or USDC!

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