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Usha Yadav
Jul 1, 2022
by Usha Yadav

Coinbase Denies Allegations of Selling Customer Data to ICE

Coinbase ICE

Table of contents

  1. Coinbase Denies Allegations
  2. Coinbase and ICE Contract
Reports claim that the cryptocurrency trading platform Coinbase refutes selling the Department of Homeland Security's Immigration and Customs Enforcement (ICE) with client information. Online rumors about Coinbase giving the ICE geolocation data started to spread on Thursday. Due to this, individuals on Twitter like Solobase Mac expressed their disbelief that they "didn't sign up for that." As they tweeted:

Coinbase Denies Allegations

Coinbase confirmed in a statement on Twitter that the company "does not sell proprietary client data." The exchange emphasized that providing platform users with a safe and secure experience is its top concern.

 

The cryptocurrency platform has also stated that it developed its Coinbase Tracer tools to adhere to legal regulations. According to Coinbase, this is used to examine financial crimes, including money laundering and supporting terrorism. The exchange claims that the data they give to the government does not include any user information from Coinbase but just information from public sources.

Coinbase and ICE Contract

Coinbase and the ICE signed a contract in September 2021 for Coinbase to create software for the ICE. The deal requires the exchange to pay the ICE $1.36 million in exchange for providing "application development software as a service" to the ICE. Despite the difficulties brought on by the current crypto winter, Coinbase wants to grow its business in Europe. The exchange is authorized to conduct business in nations like Germany, Ireland, and the United Kingdom, and it has started hiring employees in Switzerland.

The corporate family rating (CFR) for Coinbase, which reflects Moody's assessment of the company's capacity to meet its financial obligations, was reduced last week. The rating agency also downgraded the senior unsecured notes that the exchanges ensure but are not secured by any assets.

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Coinbase data breach US Government Immigration and Customs Enforcement
Coinbase Denies Allegations of Selling Customer Data to ICE
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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