{"id":52206,"date":"2023-12-02T19:15:41","date_gmt":"2023-12-02T19:15:41","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/law-enforcement-requests-tripled-in-three-years\/"},"modified":"2023-12-02T19:15:42","modified_gmt":"2023-12-02T19:15:42","slug":"law-enforcement-requests-tripled-in-three-years","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=52206","title":{"rendered":"Law Enforcement Requests Tripled in Three Years"},"content":{"rendered":"<div>\n<figure id=\"attachment_138465\" aria-describedby=\"caption-attachment-138465\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-138465\" class=\"wp-caption-text\">Image Source: Pixabay<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Coinbase has revealed a significant increase in law enforcement requests over the past years in its latest transparency report.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the\u00a0<\/span><span data-preserver-spaces=\"true\">report<\/span><span data-preserver-spaces=\"true\">, the number of requests received by Coinbase this year has tripled compared to 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Out of the 13,079 requests for information, nearly half of them originated from the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Germany accounted for 15% of the total requests, followed by the United Kingdom and Spain.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The overwhelming majority, 96%, were related to criminal investigations, while the remaining requests pertained to civil or administrative matters.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the report, Paul Grewal, Coinbase\u2019s chief legal officer, emphasized the company\u2019s commitment to providing an appropriate and tailored response to these requests.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhere necessary, we will seek to narrow requests that are overly broad or vague in order to provide a more appropriately tailored response, and in some cases we object to producing any information at all,\u201d he said.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Voluntary transparency reports have become customary among large tech companies, with Coinbase joining the ranks of Verizon, AT&amp;T, Apple, and Google.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Although Coinbase\u2019s total number of requests marks a 6% increase from 2022, it pales in comparison to the staggering 127,766 requests received by Verizon in just the first half of this year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For context, San Francisco-based crypto exchange Kraken reported 3,705 law enforcement requests in 2022, with the majority of requests originating from outside the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2023, Coinbase witnessed a threefold increase in requests from Ukraine.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, government agencies in Australia, Portugal, Romania, and Nigeria more than doubled their requests, according to the report.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Coinbase Expands Global Presence Despite Regulatory Hurdles<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Coinbase has been actively expanding its global presence.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Back in September, the exchange revealed that it\u00a0<\/span><span data-preserver-spaces=\"true\">has secured<\/span><span data-preserver-spaces=\"true\">\u00a0an\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Anti-Money Laundering (AML)<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0compliance registration from the\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Bank of Spain<\/span><\/strong><span data-preserver-spaces=\"true\">, making it a registered crypto exchange in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The registration with the Bank of Spain allows Coinbase to offer its full suite of products and services to both retail and institutional users in Spain while ensuring compliance with the country\u2019s legal framework.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the past year, Coinbase has obtained Virtual Asset Service Provider (VASP) registrations in several European countries, including Italy, Ireland, and the Netherlands.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It has also received in-principle approval and launched its services in Singapore, Brazil, and Canada.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company\u2019s push for global expansion comes amid growing regulatory hostility in the US.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Back in June, the\u00a0<\/span><span data-preserver-spaces=\"true\">SEC sued Coinbase<\/span><span data-preserver-spaces=\"true\">\u00a0for selling unregistered securities and a number of other alleged wrongdoings.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The commission also accused the exchange of illegally running a range of financial services, including trading securities and failing to register as a securities exchange.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following the SEC lawsuit, the largest US-based cryptocurrency exchange also\u00a0<\/span><span data-preserver-spaces=\"true\">received Show Cause orders<\/span><span data-preserver-spaces=\"true\">\u00a0from 11 US states, which requires Coinbase to justify why it shouldn\u2019t cease operations in the states.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/coinbase-transparency-report-law-enforcement-requests-tripled-in-three-years.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Pixabay Coinbase has revealed a significant increase in law enforcement requests over the past years in its latest transparency report. According to the\u00a0report, the number of requests received by Coinbase this year has tripled compared to 2020. Out of the 13,079 requests for information, nearly half of them originated from the United States.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-52206","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Law Enforcement Requests Tripled in Three Years | Prosfunds<\/title>\n<meta name=\"description\" content=\"Image Source: Pixabay Coinbase has revealed a significant increase in law enforcement requests over the past years in its latest transparency report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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