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Coinbase sees 66% surge in requests from global investigative agencies in 2022: all the details

Coinbase sees 66% surge in requests from global investigative agencies in 2022: all the details

Coinbase sees 66% surge in requests from global investigative agencies in 2022: all the details

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Coinbase has released its annual Transparency Report for the year 2022, which includes data indicating that law enforcement around the world has begun to pay more attention to the cryptosphere. The popular crypto exchange saw inquiries from global investigative agencies rise 66%, taking the annual figure to 12,320. The US tops Coinbase’s list for seeking the most crypto transaction information suspicious of the stock market this year. From India, Coinbase registered 44 requests from the authorities.

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While US authorities made 5,304 requests for information from Coinbase, the UK ranked second with 1,744 requests between October 2021 and September 2022, according to the report.

“Coinbase currently serves more than 108 million customers worldwide. We regularly receive and respond to requests from law enforcement and government agencies seeking customer account information and financial records in connection with civil, criminal or other investigations. These requests may include subpoenas, court orders, search warrants or other formal legal process,” the exchange wrote in its Transparency Report.

Other countries that contacted Coinbase for details of shady crypto activity accounted for 57% of global inquiries.

Argentina, Brazil, China and Taiwan were among the 21 countries where authorities first contacted Coinbase in 2022

“Six countries increased their number of law enforcement and agency requests by more than 100%: Spain (+940%), Belgium (+400%), Italy (+281%) , the Netherlands (+163%), Austria (+141%) and Ireland (+118%).Coinbase has a team of lawyers, analysts and other experts who individually review and assess each government and law enforcement request to assess its legal sufficiency and determine an appropriate response,” the report further notes.

For what it’s worth, crypto investors can be relieved to know that authorities in so many countries are watching the sector closely.

Several countries have repeatedly raised concerns about the frequency with which crypto assets are misused by criminals to launder illicit funds across borders.

Additionally, crypto-related scams have also increased significantly this year. Chainalysis, in a report two months ago, said October was the worst month in terms of crypto crimes, with losses of over $718 million (around Rs 5,890 crore) recorded that month. -the.

In light of the acceleration of these crimes, the US government imposed sanctions on privacy mixing tools such as Tornado Cash, which were used by cybercriminals to deposit their stolen funds into anonymous accounts.

Nearly 10% of all funds sent from illicit addresses are sent to mixers, a Chainalysis report attested to earlier this year.

In an effort to help law enforcement understand the intricacies of the crypto world, crypto players have put in place initiatives suited to the task.

Binance, for example, launched the “Global Law Enforcement Training Program” in September, aimed at helping law enforcement officers around the world understand how Web3 technology and blockchain work.


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