Coinbase emphasized that it only gives information for the sake of pursuing financial crimes and made it clear that the cryptocurrency exchange does not sell the personal information of its consumers.
Reports claiming that the cryptocurrency trading platform Coinbase is selling the Department of Homeland Security’s Immigration and Customs Enforcement (ICE) with client information have been refuted.
Online rumors about Coinbase giving the ICE geolocation data started to spread on Thursday. Due to this, individuals on Twitter like Solobase Mac expressed their disbelief and the fact that they “didn’t sign up for that.” As they tweeted:
Coinbase confirmed in a statement on Twitter that the company “does not sell proprietary client data.” The exchange emphasized that providing platform users with a safe and secure experience is its top concern.
The cryptocurrency platform has also stated that its Coinbase Tracer tools were developed to adhere to legal regulations. According to the company, this is used to look into financial crimes including money laundering and supporting terrorism. The exchange claims that the data they give to the government does not include any user information from Coinbase, but just information from public sources.
In September 2021, Coinbase and the ICE signed a contract for the latter to create software for the former. The deal requires the exchange to pay the ICE $1.36 million in exchange for providing “application development software as a service” to the ICE.
Despite the difficulties brought on by the current crypto winter, the cryptocurrency exchange platform wants to grow its business in Europe. The exchange is authorized to conduct business in nations like Germany, Ireland, and the United Kingdom, and it has started hiring employees in Switzerland.
The corporate family rating (CFR) for Coinbase, which reflects Moody’s assessment of the company’s capacity to meet its financial obligations, was reduced last week. The senior unsecured notes that are guaranteed by the exchanges but are not secured by any assets were also downgraded by the rating agency.
