Home Crypto News Coinbase Responds to Stories of Promoting Buyer ‘Geo Monitoring’ Information to US Authorities – Exchanges Bitcoin Information

Coinbase Responds to Stories of Promoting Buyer ‘Geo Monitoring’ Information to US Authorities – Exchanges Bitcoin Information

by Cryptoroz

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The Nasdaq-listed cryptocurrency trade Coinbase has insisted that it doesn’t promote “proprietary buyer information” after stories surfaced that its Tracer product is offering “historic geo monitoring information” to the U.S. Immigrations and Customs Enforcement (ICE).

Coinbase Responds to Stories of It Promoting Buyer Information to U.S. Authorities

Cryptocurrency trade Coinbase got here beneath fireplace final week when stories surfaced accusing the Nasdaq-listed firm of promoting buyer information to the U.S. authorities.

Coinbase Tracer, the analytics arm of the cryptocurrency trade, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that may permit the federal government company entry to quite a lot of information, together with “historic geo monitoring information,” based on a contract obtained by watchdog group Tech Inquiry.

Nevertheless, Coinbase clarified on Twitter Thursday: “We need to make this extremely clear: Coinbase doesn’t promote proprietary buyer information.”

Coinbase Responds to Reports of Selling Customer 'Geo Tracking' Data to US Government

“Our Coinbase Tracer instruments are designed to help compliance and assist examine monetary crimes like cash laundering and terrorist financing. Coinbase Tracer sources its info from public sources, and doesn’t make use of Coinbase consumer information. Ever,” the trade additional tweeted.

Nevertheless, many individuals on Twitter don’t imagine that Coinbase will not be promoting any buyer information to the U.S. authorities, noting that the corporate particularly makes use of the phrase “proprietary” to explain the info it isn’t promoting.

Coinbase bought a single analytics software program license to ICE for $29,000 in August final yr, adopted by a software program buy probably price $1.36 million the subsequent month.

The complete paperwork of the contract surfaced this week through a Freedom of Data Act request by Tech Inquiry. The story was initially reported on Wednesday by The Intercept.

The disclaimer on the Coinbase web site reiterates what the corporate tweeted Friday, stating: “Coinbase Tracer sources its info from public sources and doesn’t make use of Coinbase consumer information.”

Do you suppose Coinbase is promoting buyer information to the U.S. authorities? Tell us within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




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