Coinbase Receives 10,707 Law Enforcement Requests in 2024, a 18% Decline
Coinbase, a leading cryptocurrency exchange, has disclosed in its latest transparency report that it received 10,707 requests from global law enforcement and government agencies over the past year, marking an 18% decline from the previous reporting period.
Regional Breakdown
The report highlights that the United States submitted the highest number of requests from law enforcement and government agencies, despite a decline this year. Outside the US, Coinbase experienced notable decreases in law enforcement requests from key markets, with Germany, the UK, and Spain showing significant declines of 33%, 45%, and 35%, respectively.
In contrast, Singapore stood out with a 221% increase in requests, jumping from 34 in 2023 to 109 this year, signaling growing regulatory activity in the region as it emerged as a prominent crypto hub.
Criminal Enforcement
According to Coinbase, 81% of all requests originated from six key jurisdictions: the U.S., the UK, Germany, France, Spain, and Australia. The overwhelming majority pertained to criminal enforcement matters, such as investigations into illicit financial activities, fraud, or other criminal concerns.
The requests took various legal forms, including subpoenas, court orders, search warrants, and other official processes. The report emphasized Coinbase’s obligation to respond only to legally valid requests and highlighted its robust review process to ensure compliance without compromising customer rights.
Complying without Compromising Users
Coinbase’s goal is to narrow overly broad or vague requests, reject requests deemed legally insufficient, and provide anonymized or aggregated data where possible instead of individualized customer details.
Regarding the information shared with authorities, Coinbase provides certain customer details, such as names, IP addresses, and payment information, in response to valid requests. However, no government has direct access to its systems.
Transparency and Compliance
Coinbase’s decision to share these figures reflects its push for transparency as it navigates the regulatory landscape. The report pointed out that proactively disclosing the scope and nature of government requests signals to regulators and users that the firm is committed to balancing compliance and customer trust.
Conclusion
In conclusion, Coinbase’s transparency report highlights its commitment to compliance and customer trust while navigating the complex regulatory landscape. The report provides valuable insights into the scope and nature of government requests and Coinbase’s efforts to ensure compliance without compromising user privacy.
FAQs
Q: What is the total number of law enforcement requests received by Coinbase in 2024?
A: Coinbase received 10,707 requests from global law enforcement and government agencies in 2024.
Q: Which jurisdiction submitted the highest number of requests?
A: The United States submitted the highest number of requests from law enforcement and government agencies, despite a decline this year.
Q: What was the percentage decline in law enforcement requests from key markets?
A: Germany, the UK, and Spain showed significant declines of 33%, 45%, and 35%, respectively.
Q: Which region showed a notable increase in law enforcement requests?
A: Singapore showed a 221% increase in requests, jumping from 34 in 2023 to 109 this year.
Q: What is Coinbase’s goal in responding to law enforcement requests?
A: Coinbase’s goal is to narrow overly broad or vague requests, reject requests deemed legally insufficient, and provide anonymized or aggregated data where possible instead of individualized customer details.
Q: Does Coinbase provide direct access to its systems to government agencies?
A: No, Coinbase does not provide direct access to its systems to government agencies.
