Coinbase Transparency Report -Q1-Q3, 2021
By Paul Grewal, Chief Authorized Officer
Coinbase is proud to publish our third Transparency Report. This report covers the interval between January 1 via September 30, 2021*. As Coinbase continues to develop and supply companies in new markets, the variety of legit info requests we obtain from regulation enforcement companies and different authorities companies will enhance accordingly. As such, transferring ahead, we are going to publish these studies on an annual foundation.
The aim of those studies, which we started publishing in 2020 (our two prior studies might be discovered right here and right here), is to maintain our clients knowledgeable about requests for buyer info we obtain from authorities companies and regulation enforcement — what number of now we have obtained, the place they arrive from, and our strategy in responding to them. Whereas transparency studies are frequent within the expertise business, we consider monetary establishments ought to equally publish these studies frequently, and we encourage them to do so.
At Coinbase, the security of our clients is essential to us, and we respect the important thing position of regulation enforcement and authorities companies in pursuing unhealthy actors who interact in prohibited exercise or search to abuse our platform. On the similar time, defending the monetary privateness of our clients is a elementary a part of our dedication to being probably the most trusted place to have interaction with cryptocurrency. This report shares information on the requests for info that Coinbase receives from authorities and regulation enforcement companies all over the world and supplies a view into how authorities insurance policies and actions intersect with buyer privateness.
Coinbase Transparency Report
Interval: January 1, 2021 — Sept. 30, 2021
Coinbase at present serves greater than 73 million clients worldwide. We usually obtain and reply to requests from regulation enforcement and authorities companies looking for buyer account info and monetary data in reference to civil, legal, or different investigative issues. These requests can embrace subpoenas, court docket orders, search warrants, or different types of formal authorized course of. We’ve got an obligation to answer such requests if they’re legitimate below monetary laws and different relevant legal guidelines.
Every request is rigorously reviewed by a staff of educated consultants utilizing established procedures to find out its authorized sufficiency; the place needed, we are going to slim or push again on requests that seem overly broad or obscure. The charts under present information on the variety of requests that now we have obtained and the way now we have responded to them, damaged down by nation. As we proceed to reinforce our processes, we can be publishing this report yearly, topic to sure limitations.
- There have been a complete of 5,562 requests within the first three quarters of 2021, and ~51% of requests got here from outdoors of the United States.
- ~84% of requests are from the U.S., U.Okay., and Germany.
- International locations that despatched requests for the primary time in 2021 embrace Latvia, Greece, India, Turkey, Bosnia, Hungary, and Russia.
- The variety of requests we obtained within the first three quarters of this yr represents a ~27% enhance from the entire variety of requests we obtained in all of 2020.
Does this report embrace information about requests obtained by all Coinbase entities/companies?
This report consists of information about requests associated to our varied services and products together with coinbase.com, coinbase.com/trade, coinbase.com/prime, and custody.coinbase.com.
What does it imply if my nation isn’t listed on the report?
We solely embrace nations the place (i) our companies can be found, and/or (ii) Coinbase obtained a authorities or regulation enforcement request.
What’s a authorities info request?
A wide range of legal guidelines permit the federal government and regulation enforcement companies of a given nation to request the disclosure of buyer info for civil, administrative, legal, and nationwide safety functions, together with as a part of an investigation.
What info does Coinbase present in response to authorities and regulation enforcement requests?
Relying on the character and scope of the request, Coinbase might produce sure buyer info, reminiscent of identify, current login/logout IP handle, and fee info; this sort of info could also be topic to requests by authorities and regulation enforcement companies when a buyer makes use of certainly one of our functions or our web site, as described in our privateness coverage.
Earlier than we think about disclosing info in response to a authorities or regulation enforcement request (reminiscent of a subpoena, court docket order, or related authorized course of), we overview every request on a person foundation. If we consider a request is over-broad or obscure, we search to slim it and supply a extra appropriately tailor-made response, and in some instances we object to producing any info in any respect (reminiscent of if the request is legally inadequate).
Does Coinbase problem or reject authorities requests?
Coinbase might problem authorities and regulation enforcement requests, relying on the actual circumstances of every request. Below sure circumstances, we might ask the federal government or regulation enforcement company to slim their request.
Who evaluations authorities requests for person info at Coinbase?
Coinbase has a educated staff of attorneys, analysts, and different consultants who overview and consider every authorities and regulation enforcement request individually to evaluate its authorized sufficiency and decide an acceptable response.
Does Coinbase present governments with direct entry to buyer info?
Coinbase doesn’t give any authorities in any jurisdiction (together with regulation enforcement, or different authorities companies) direct entry to buyer info on our or any third-party’s programs.
* Information for the rest of 2021 can be captured in our subsequent report, to be revealed in 2022.
(2) Coinbase receives varied legal, civil and administrative requests from regulators and companies in varied nations looking for details about particular accounts and transactions. This Transparency Report displays information associated to those requests; it doesn’t embrace buyer initiated requests for info or productions required as a part of routine regulatory examinations.
Coinbase Transparency Report — — Q1-Q3, 2021 was initially revealed in The Coinbase Weblog on Medium, the place individuals are persevering with the dialog by highlighting and responding to this story.