Fun

Coinbase Responds to Reports of Selling Customer ‘Geo Tracking’ Data to US Government

News Feed - 2022-07-03 09:07:36

Coinbase Responds to Reports of Selling Customer "Geo Tracking" Data to US Government


The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “proprietary customer data” after reports surfaced that its Tracer product is providing “historical geo tracking data” to the U.S. Immigrations and Customs Enforcement (ICE). Coinbase Responds to Reports of It Selling Customer Data to U.S. Government


Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the U.S. government.


Coinbase Tracer, the analytics arm of the cryptocurrency exchange, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that would allow the government agency access to a variety of data, including “historical geo tracking data,” according to a contract obtained by watchdog group Tech Inquiry.


However, Coinbase clarified on Twitter Thursday: “We want to make this incredibly clear: Coinbase does not sell proprietary customer data.”



“Our Coinbase Tracer tools are designed to support compliance and help investigate financial crimes like money laundering and terrorist financing. Coinbase Tracer sources its information from public sources, and does not make use of Coinbase user data. Ever,” the exchange further tweeted.


However, many people on Twitter do not believe that Coinbase is not selling any customer data to the U.S. government, noting that the company specifically uses the word “proprietary” to describe the data it is not selling.


Coinbase sold a single analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month.


The full documents of the contract surfaced this week via a Freedom of Information Act request by Tech Inquiry. The story was initially reported on Wednesday by The Intercept.


The disclaimer on the Coinbase website reiterates what the company tweeted Friday, stating: “Coinbase Tracer sources its information from public sources and does not make use of Coinbase user data.” Tags in this story Coinbase, Coinbase Analytics, coinbase tracer, coinbase us government, crypto exchange, ICE


Do you think Coinbase is selling customer data to the U.S. government? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands EXCHANGES | 2 days ago Binance Announces New Payments Partner Amid Fiat Deposit and Withdrawal Suspension in Brazil EXCHANGES | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEU Makes Deal on MiCA Legislation to Regulate Crypto Markets Next articleMeta Ending Crypto Project Novi After Mark Zuckerberg Unveiled Metaverse Digital Wallet Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Coinbase Discloses It Will ‘Evaluate Any ETH Fork Tokens Following The Merge’
Coinbase Discloses It Will "Evaluate Any ETH Fork Tokens Following The Merge" The publicly listed firm Coinbase Global has revealed the company plans to evaluate any potential fork
Gold, Silver, and Oil Predictions; Ellison’s FTX Testimony and the Sam Trabucco Mystery; Massively Eroded Dollar Sees the Fed Turn 109 — Week in Review
Gold, Silver, and Oil Predictions; Ellison"s FTX Testimony and the Sam Trabucco Mystery; Massively Eroded Dollar Sees the Fed Turn 109 — Week in Review Robert Kiyosaki says the t
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 Economy
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 EconomyDemocrats from the House of Representatives have introduced legislation that would pay e
More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator
More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator Tanzanians are embracing cryptocurrencies but more work still has to be
David Attlee3 hours agoSBF jailed, FTX partners under attack: Law DecodedSam Bankman-Fried, the former CEO of the failed FTX crypto exchange, will be held in jail through the end of his two upcoming trials.1036 Total vie
Vitalik Buterin donates over $500K in animal-themed coins to charity
Ezra Reguerra10 hours agoVitalik Buterin donates over $500K in animal-themed coins to charityVitalik Buterin urged the community to send the memecoin token funds they want to send him directly to charities.8362 Total vie
8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade
8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade Eight years ago today on October 6, 2014, while the price of bitcoin was c
British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams
British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptoc
Bitcoin reclaims blockchain dominance post-BTC halving
Josh O"Sullivan13 hours agoBitcoin reclaims blockchain dominance post-BTC halvingBitcoin’s blockchain bandwidth usage surpasses 90% post-halving, driven by new token standards and increased transaction volume.2257 Tota
Skybridge Capital’s Scaramucci on Crypto Boom: ‘The Institutions Are Not There’
Skybridge Capital"s Scaramucci on Crypto Boom: "The Institutions Are Not There" Anthony Scaramucci, CEO of Skybridge Capital, a multi-asset class investment firm, says he thinks th
History Associates joins Coinbase in FDIC legal battle
Amaka Nwaokocha34 minutes agoHistory Associates joins Coinbase in FDIC legal battleThe History Associates suit aims to hold the FDIC and other regulatory agencies accountable for their actions and ensure transparency in
Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship
Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship Following the rumors and speculation surrounding the crypto lending firm Celsius, a Wall Street Journa