What Happened: The purpose of the transparency report is for Coinbase to disclose to its customers how many requests it receives from law enforcement agencies across the world to disclose customer data.
In the first three quarters of 2021, the crypto exchange received 5,562 requests from law enforcement with 51% from outside the U.S.
U.S. law enforcement agencies sent out 2,727 requests, while law enforcement in the U.K. sent out 1,044 requests.
Coinbase said that countries such as Latvia, Greece, India, Turkey, Bosnia, Hungary and Russia sent out requests for the first time in 2021.
“Before we consider disclosing information in response to a government or law enforcement request (such as a subpoena, court order, or similar legal process), we review each request on an individual basis,” said Coinbase.
“If we believe a request is over-broad or vague, we seek to narrow it and provide a more appropriately tailored response, and in some cases, we object to producing any information at all.”
COIN Price Action: As of Thursday at publication, Coinbase shares were down 2.91% at $250.78.
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