Coinbase, one of the famous Bitcoin and altcoin exchanges, has published a transparency report for the first three quarters of 2021. According to the report, which covers the period between January 1 and September 30, 2021, some governments have requested information from the exchange regarding customers’ account information and financial records. Among these states is Turkey. cryptocoin.com We are giving the details as…
Bitcoin exchange Coinbase receives requests from governments
To increase transparency in the global crypto ecosystem, Coinbase recently released its transparency report for the first three quarters of 2021. The cryptocurrency exchange reported an increase in requests for account information and financial records of customers from governments and law enforcement agencies around the world. Coinbase stressed that the company carefully reviews each request to assess its legal adequacy. Coinbase stated that it received a total of 5,562 such requests in the first three quarters of 2021. About 51 percent of overall requests came from outside the United States. The UK, Germany and the US accounted for around 84 percent of the requests.
According to Coinbase, the crypto exchange received requests from Latvia, Greece, India, Turkey, Bosnia, Hungary and Russia for the first time in 2021. It was reported that three requests were received from Turkey. “The number of requests we received in the first three quarters of this year represents an increase of approximately 27 percent from the total number of requests we received in all of 2020,” Coinbase added. With increasing adoption, it is important for crypto firms to comply with the legal requirements of their respective regions. The latest report shows that global authorities are now tightening rules on illegal cryptocurrency transactions.
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