Coinbase denied selling customer data to the US authorities

According to the platform’s representatives, the information transmitted comes only from publicly available sources, and not from the exchange’s user base

01.07.2022 - 13:50

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What’s new? Cryptocurrency exchange Coinbase denied reports of selling confidential user data to the Immigration and Customs Enforcement (ICE) as part of its provision of Coinbase Tracer, an analytics software. The company assured that they do not hand over personal information about customers, adding that Coinbase’s top priority is to ensure users’ safety when using the platform.

1/ We want to make this incredibly clear: Coinbase does not sell proprietary customer data. Our first concern has been and always will be providing the safest and most secure crypto experience to our users.— Coinbase (@coinbase) June 30, 2022

What else does the statement say? The company explained that its Coinbase Tracer tools are built under government requirements and are used to investigate terrorism financing and money laundering crimes. The information transmitted only comes from publicly available sources, not from Coinbase user data.

On June 29, The Intercept, an investigative journalism outlet, published details of the contract between the exchange and ICE to provide services as part of Coinbase Tracer. The software allows tracking transactions and historical geolocation data of shipments. The journalists noted that between the parties there was no license agreement imposing restrictions on the use of the tool.

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