Coinbase refutes rumors that it sold client information to the U.S. government

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Coinbase refutes rumors that it sold client information to the U.S. government

Coinbase refutes rumors that it sold client information to the U.S. government
1656683088 01 Jul / 13:44

Coinbase has refuted rumors that it sells user information to United States Immigration and Customs Enforcement (ICE), an entity under the Department of Homeland Security.

On Thursday, it was reported online that Coinbase has been giving ICE geolocation data. Due to this, Twitter users such as Solobase Mac expressed surprise and stated, "We didn't sign up for that."

Coinbase confirmed on Twitter that the company "does not sell proprietary customer data." The exchange emphasized that providing platform users with a safe and secure environment is its top priority.

In addition, the cryptocurrency company has highlighted that its Coinbase Tracer tools are designed to adhere to federal regulations. This is used to investigate financial crimes such as terrorism funding and money laundering, according to Coinbase. According to the exchange, the data they offer to the government comes only from public sources and not from Coinbase customer information.

Coinbase signed a contract with the ICE to create software for the government agency in September 2021. In trade for $1.36 million, the deal requires the exchange to offer “application development software as a service” to the ICE.

Coinbase is trying to grow its operations in Europe despite the challenges imposed by the current crypto cold. The exchange has begun employing employees in Switzerland and is authorized to conduct business in nations such as Germany, Ireland, and the United Kingdom.

Moody’s reduced Coinbase’s Corporate Family Rating (CFR) last week, representing the firm’s assessment of Coinbase’s capacity to meet its financial commitments. Additionally, the rating agency lowered the guaranteed senior unsecured notes of the exchanges, which are debt not secured by collateral assets.

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