Coinbase, one of the largest cryptocurrency companies in the world, published the transparency report today, a document that shares information about how the company handled data requests from government customers. The report summarizes the inquiries that Coinbase received from the government in the first half of 2020.
Coinbase’s chief legal officer, Paul Grewal, said the company acts with respect for the authorities but with resistance to inappropriate requests.
“As a financial institution committed to detecting and preventing prohibited activity on its platform, we respect the legitimate interests of government agencies in pursuing violations that abuse other people and our platform. However, we will not hesitate to step back if necessary, even if it is inconvenient or costly. “
In Grewal’s statement, he also underscores the company’s interest in continuing to publish the report on a regular basis, increasing transparency for the market and clarifying practices for sharing financial data.
According to the report, the company received a total of 1,914 requests between January 2020 and June 30, of which 96% were criminal cases. From all the inquiries 58% come from US agencies and 90% from three countries: USA, UK and Germany.
The Federal Bureau of Investigation (FBI) contacted with the highest percentage of inquiries, which represent 30% of the total. Homeland Security Investigations (HSI) followed with 16% of the inquiries.