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Monday, August 8, 2022

Coinbase Has Denied All Allegations Of Selling Consumer Data To The US Government

Coinbase, the crypto exchange platform, recently denied all the reports that alleged that the company had been illegally selling its customer information to ICE.

ICE, or the United States Immigration and Customs Enforcement is an agency that works under the Department of Homeland Security in the country. Last Thursday, the news broke out that the company had been providing geolocation data to ICE- which then started circulating online. Due to this, most Twitter users like Solobase Mac were shocked and further noted that they hadn’t joined the clientele for this company to face something like that. 

Coinbase Denies Allegations Of Distributing Information To ICE

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In a statement made on Twitter, Coinbase clarified that the firm had never sold any proprietary customer data. This definitely highlighted that the foremost priority of the company was to ensure a safe and secure experience for the users of this platform. Also, the crypto platform then explained that its Coinbase Tracer tools were created with the sole idea of complying with the requirements of the government.

The company noted that this was used to investigate a lot of finance-related crimes such as money laundering and terrorist financing. According to the crypto exchange, the information that was provided to the government comes only from public sources- and not any form of Coinbase user data. 

Interestingly, back in September 2021, Coinbase had apparently linked a major deal with ICE for developing software for the government agency. The agreement then compelled the exchange to provide application development software as a service to the ICE in exchange for $1.36 million. Now, despite the multiple setbacks that have come as a result of the crypto winter, the crypto exchange has been looking toward expanding its operations in Europe.

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