The Nasdaq-listed cryptocurrency alternate Coinbase has insisted that it doesn’t promote “proprietary buyer information” after experiences surfaced that its Tracer product is offering “historic geo monitoring information” to the U.S. Immigrations and Customs Enforcement (ICE).
Coinbase Responds to Reviews of It Promoting Buyer Information to U.S. Authorities
Cryptocurrency alternate Coinbase got here beneath fireplace final week when experiences surfaced accusing the Nasdaq-listed firm of promoting buyer information to the U.S. authorities.
Coinbase Tracer, the analytics arm of the cryptocurrency alternate, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that will permit the federal government company entry to quite a lot of information, together with “historic geo monitoring information,” in response to a contract obtained by watchdog group Tech Inquiry.
Nonetheless, Coinbase clarified on Twitter Thursday: “We wish to make this extremely clear: Coinbase doesn’t promote proprietary buyer information.”
“Our Coinbase Tracer instruments are designed to assist compliance and assist examine monetary crimes like cash laundering and terrorist financing. Coinbase Tracer sources its data from public sources, and doesn’t make use of Coinbase consumer information. Ever,” the alternate additional tweeted.
Nonetheless, many individuals on Twitter don’t consider that Coinbase shouldn’t be promoting any buyer information to the U.S. authorities, noting that the corporate particularly makes use of the phrase “proprietary” to explain the information it isn’t promoting.
Coinbase bought a single analytics software program license to ICE for $29,000 in August final 12 months, adopted by a software program buy doubtlessly value $1.36 million the subsequent month.
The complete paperwork of the contract surfaced this week through 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 data from public sources and doesn’t make use of Coinbase consumer information.”
Do you assume Coinbase is promoting buyer information to the U.S. authorities? Tell us in the feedback part beneath.
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