Coinbase Says Law Enforcement Requests Rose 66% From Year Ago
The number of requests from the U.S., which accounted for about 43% of the total, increased by 6%.
Coinbase (COIN) said that total worldwide law enforcement and agency requests increased 66% to 12,320, according to its latest transparency report, released Monday.
The report, the exchange's fourth, covers the period from Oct. 1, 2021, through Sept. 30, 2022.
Coinbase, which has more than 108 million customers around the world, attributed the increase in requests to a combination of the company’s expansion and “an overall increase in law enforcement and regulatory interest in the crypto industry.”
The highest volume of law enforcement and agency requests from a single country came from the U.S., with 5,304, while the second-most number of requests came from the U.K. with 1,744, the report said. The number of U.S. requests increased 6% from the previous annual period. and Coinbase noted around 80% of total requests came from the U.S., U.K., Germany and Spain.
More than 95% of total requests were from law enforcement agencies related to criminal enforcement matters, as opposed to civil or administrative matters. These criminal enforcement matters include subpoenas, court orders, search warrants and other formal legal processes.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.