Coinbase Transparency Report — — Q1-Q3, 2021
By Paul Grewal, Chief Legal Officer
Coinbase is proud to publish our third Transparency Report. This report covers the interval between January 1 by way of September 30, 2021*. As Coinbase continues to develop and provide companies in new markets, the variety of legit info requests we obtain from regulation enforcement businesses and different authorities businesses will enhance accordingly. As such, transferring ahead, we are going to publish these experiences on an annual foundation.
The purpose of those experiences, which we started publishing in 2020 (our two prior experiences may be discovered right here and right here), is to maintain our clients knowledgeable about requests for buyer info we obtain from authorities businesses and regulation enforcement — what number of now we have obtained, the place they arrive from, and our method in responding to them. While transparency experiences are widespread within the know-how trade, we imagine monetary establishments ought to equally publish these experiences regularly, and we encourage them to do so.
At Coinbase, the protection of our clients is essential to us, and we respect the important thing position of regulation enforcement and authorities businesses in pursuing unhealthy actors who interact in prohibited exercise or search to abuse our platform. At the identical time, defending the monetary privateness of our clients is a elementary a part of our dedication to being essentially the most trusted place to interact with cryptocurrency. This report shares knowledge on the requests for info that Coinbase receives from authorities and regulation enforcement businesses world wide and supplies a view into how authorities insurance policies and actions intersect with buyer privateness.
Coinbase Transparency Report
Period: January 1, 2021 — Sept. 30, 2021
Coinbase at the moment serves greater than 73 million clients worldwide. We often obtain and reply to requests from regulation enforcement and authorities businesses looking for buyer account info and monetary information in reference to civil, prison, or different investigative issues. These requests can embrace subpoenas, court docket orders, search warrants, or different types of formal authorized course of. We have an obligation to reply to such requests if they’re legitimate underneath monetary rules and different relevant legal guidelines.
Each request is fastidiously reviewed by a workforce of skilled specialists utilizing established procedures to find out its authorized sufficiency; the place needed, we are going to slender or push again on requests that seem overly broad or obscure. The charts beneath present knowledge 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 boost our processes, we shall 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.Ok., and Germany.
- Countries 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 12 months represents a ~27% enhance from the overall variety of requests we obtained in all of 2020.
Does this report embrace knowledge about requests obtained by all Coinbase entities/companies?
This report consists of knowledge about requests associated to our varied services together with coinbase.com, coinbase.com/alternate, coinbase.com/prime, and custody.coinbase.com.
What does it imply if my nation shouldn’t be 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 is a authorities info request?
A wide range of legal guidelines enable the federal government and regulation enforcement businesses of a given nation to request the disclosure of buyer info for civil, administrative, prison, 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?
Depending on the character and scope of the request, Coinbase could produce sure buyer info, similar to title, current login/logout IP deal with, and fee info; such a info could also be topic to requests by authorities and regulation enforcement businesses when a buyer makes use of considered one of our purposes or our web site, as described in our privateness coverage.
Before we contemplate disclosing info in response to a authorities or regulation enforcement request (similar to a subpoena, court docket order, or comparable authorized course of), we overview every request on a person foundation. If we imagine a request is over-broad or obscure, we search to slender it and supply a extra appropriately tailor-made response, and in some instances we object to producing any info in any respect (similar to if the request is legally inadequate).
Does Coinbase problem or reject authorities requests?
Coinbase could problem authorities and regulation enforcement requests, relying on the actual circumstances of every request. Under sure circumstances, we could ask the federal government or regulation enforcement company to slender their request.
Who critiques authorities requests for person info at Coinbase?
Coinbase has a skilled workforce of legal professionals, analysts, and different specialists 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 businesses) direct entry to buyer info on our or any third-party’s programs.
* Data for the rest of 2021 shall be captured in our subsequent report, to be printed in 2022.
(2) Coinbase receives varied prison, civil and administrative requests from regulators and businesses in varied nations looking for details about particular accounts and transactions. This Transparency Report displays knowledge 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 printed in The Coinbase Blog on Medium, the place persons are persevering with the dialog by highlighting and responding to this story.