Coinbase Requests "Extra" Information to Mining Companies
Coinbase's compliance office this week revealed that it in order to fully comply with regulations, the company was implementing new rules that would enable the exchange to acquire operational information from bitcoin mining companies. Of course, that mining companies weren't too happy to hear this. Besides going against all that bitcoin should stand for, it is also considered an attack on mining company's financial privacy. Immediately after being released, the community started to criticize these new rules, while Coinbase tried to excuse for the demands claiming it needed more....
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Coinbase's compliance office is seeking to acquire operational information from bitcoin mining companies in a process that some of the sector's businesses are framing as an infringement on their trade secrets. MegaBigPower (MBP) and Bitmain report that Coinbase has asked for detailed information regarding their mining facilities, requesting time-stamped photographs and videos of mining facilities and details about the origin of the hardware the companies operate. An email dated 25th March sent to MBP owner Dave Carlson and obtained by CoinDesk stated: "As a followup to our previous....
Coinbase has revealed that it received a total of 1,914 requests for customer data from global law enforcement agencies during the first six months of 2020. It is, however, not clear how many of the requests were fulfilled. In its first so-called“transparency report” published Friday, the U.S. crypto exchange – which boasts a user base of 38 million – said 97% of the requests had to do with criminal investigations. U.S. agencies accounted for the biggest number of requests, sending 1,113 requisitions or 58% of the total. At least 441 (23%) came from the U.K., 176 or....
Coinbase received more than 1,800 request for information from law enforcement in the first half of 2020, largely in the form of subpoenas, the company announced Friday.
Update 8/10/2015 8:20 PM EST: Coinbase has responded to us regarding its reasoning for its information requirements, saying that, “We are required by law to request extra info for high volume customers. High volume. This is the EDD part of KYC.” Coinbase, as you might know, is what many consider to be the “Apple” of the Bitcoin ecosphere. With media coverage from The New York Times, The Wall Street Journal, and even TIME magazine listing it as number two in its “Top 10 Exciting Startups” article back in 2013, Coinbase is easily one of the biggest startups inside and outside the Bitcoin niche.
Shubham Sham notified Coinbase of the bug. Coinbase called it low priority, saying the risks are too little to warrant an immediate fix. Editor's Note: Coinbase has defended themselves here. Coinbase is all over Reddit today. Several people reported receiving e-mails from the Bitcoin enterprise, asking them to make a payment to another user. On top of that, a list was released containing information of many Coinbase users. At first, most people thought this was an April fools joke, but eventually, most became worried Coinbase was hacked. With recent events in mind, who could blame them?....