Coinbase Publishes Its Transparency Report for the First Three Quarters of 2021

Fazzaco has learned that Coinbase, the largest US cryptocurrency exchange, has recently published its transparency report for the first three quarters of 2021, in order to enhance the transparency in the global crypto ecosystem. 

During the first three quarters of 2021, Coinbase reported a surge in requests from governments and law enforcement agencies around the world for account information and financial records of customers. In total, the digital exchange has received 5,562 such requests, of which approximately 51% came from outside the US. The United Kingdom, Germany and the US accounted for almost 84% of the requests. The company highlighted that it has evaluated legal sufficiency of these requests by reviewing each carefully.

Paul Grewal, the Chief Legal Officer at Coinbase, said in a post: "We regularly receive and respond to requests from law enforcement and government agencies seeking customer account information and financial records in connection with civil, criminal or other investigative matters. These requests can include subpoenas, court orders, search warrants or other forms of the formal legal process. We have an obligation to respond to such requests if they are valid under financial regulations and other applicable laws."

"The number of requests we received in the first three quarters of this year represents a ~27% increase from the total number of requests we received in all of 2020," Coinbase added.

Yesterday, eToro and Coinbase were slammed by UK Advertising Watchdog for 'Misleading' Crypto Ad. With the growth of cryptocurrency trading, it's more crucial than ever for crypto companies to adhere to the legal requirements of their respective jurisdictions. According to a recent report, global authorities are strengthening the restrictions surrounding unlawful digital transactions.