Home Coinbase Coinbase Responds to Stories of Promoting Buyer 'Geo Monitoring' Knowledge to US Authorities – Exchanges Bitcoin Information – Bitcoin Information

Coinbase Responds to Stories of Promoting Buyer 'Geo Monitoring' Knowledge to US Authorities – Exchanges Bitcoin Information – Bitcoin Information

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The Nasdaq-listed cryptocurrency change Coinbase has insisted that it doesn’t promote “proprietary buyer knowledge” after stories surfaced that its Tracer product is offering “historic geo monitoring knowledge” to the U.S. Immigrations and Customs Enforcement (ICE).

Coinbase Responds to Stories of It Promoting Buyer Knowledge to U.S. Authorities

Cryptocurrency change Coinbase got here beneath fireplace final week when stories surfaced accusing the Nasdaq-listed firm of promoting buyer knowledge to the U.S. authorities.

Coinbase Tracer, the analytics arm of the cryptocurrency change, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that may enable the federal government company entry to a wide range of knowledge, together with “historic geo monitoring knowledge,” in accordance with a contract obtained by watchdog group Tech Inquiry.

Nevertheless, Coinbase clarified on Twitter Thursday: “We need to make this extremely clear: Coinbase doesn’t promote proprietary buyer knowledge.”

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

“Our Coinbase Tracer instruments are designed to help compliance and assist examine monetary crimes like cash laundering and terrorist financing. Coinbase Tracer sources its info from public sources, and doesn’t make use of Coinbase person knowledge. Ever,” the change additional tweeted.

Nevertheless, many individuals on Twitter don’t consider that Coinbase is just not promoting any buyer knowledge to the U.S. authorities, noting that the corporate particularly makes use of the phrase “proprietary” to explain the information it’s not promoting.

Coinbase offered a single analytics software program license to ICE for $29,000 in August final yr, adopted by a software program buy probably value $1.36 million the following month.

The complete paperwork of the contract surfaced this week by way of a Freedom of Data Act request by Tech Inquiry. The story was initially reported on Wednesday by The Intercept.

The disclaimer on the Coinbase web site reiterates what the corporate tweeted Friday, stating: “Coinbase Tracer sources its info from public sources and doesn’t make use of Coinbase person knowledge.”

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Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




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