By Paul Grewal, Chief Authorized Officer
Coinbase believes that belief is constructed by transparency and honesty. As we proceed on our journey to changing into essentially the most trusted venue for anybody to work together with the cryptoeconomy, at present we’re releasing a Transparency Report that shares insights into how we deal with reliable authorities requests for some buyer knowledge.
Coinbase believes in defending the monetary privateness of our clients. As a part of our dedication to being essentially the most trusted place to have interaction with cryptocurrency, we work on daily basis to make sure buyer data stays secure and safe from compromise, inappropriate use, or pointless disclosure.
This consists of protecting our clients knowledgeable in regards to the data they entrust to us. In that spirit, at present we’re releasing our first Transparency Report. The report summarizes authorities requests that Coinbase acquired for buyer account data through the first half of 2020.
First, some context
Coinbase presently serves greater than 38 million clients worldwide. Like different world monetary providers and expertise firms, we recurrently obtain requests from regulation enforcement and authorities companies searching for buyer account data and monetary information in reference to civil, felony, or different investigative issues. These requests largely come within the type of subpoenas, however may embrace search warrants, courtroom orders, and different formal processes. When these requests are legitimate below monetary rules and different relevant legal guidelines, Coinbase has an obligation to reply.
As a monetary establishment with an obligation to detect and forestall prohibited exercise on its platform, we respect the reliable pursuits of presidency authorities in pursuing dangerous actors who abuse others and our platform. But we is not going to hesitate to push back the place applicable, even when it’s inconvenient or pricey to take action. That’s why every request we obtain is dealt with by a crew of skilled specialists in accordance with set procedures to verify the validity of the request and slender or object to requests which can be overly broad.
What to anticipate going ahead
We consider transparency is a essential a part of accountability and sustaining buyer belief. That’s the reason we plan to proceed releasing these stories frequently. Whereas we’re restricted from disclosing a few of the data requests we obtain, over time we hope to replace and enhance our stories with further data, assets, and observations to offer extra granular insights into our authorities response course of.
A ultimate level: whereas transparency stories have turn into extra frequent in tech, they continue to be uncommon in monetary providers. We predict it will be significant not only for cryptocurrency firms, however for fintechs and banks at massive to make clear monetary knowledge sharing practices and contribute to the understanding of business traits in a significant manner.
Coinbase Transparency Report — Interval: Jan 1, 2020 — June 30, 2020
Complete Requests Acquired: 1,914
- ~58% of all requests come from US companies
- ~90% of all requests come from three jurisdictions: the U.S., UK, and Germany
- ~16% of all U.S. requests come from state or native authorities
Transparency at Coinbase