Coinbase records 66% increase in requests from global investigative agencies in 2022: All Details

Coinbase has released its annual transparency report for 2022, which includes data showing that law enforcement agencies around the world have begun to pay more attention to the world of crypto. The popular cryptocurrency exchange has seen requests from global investigative authorities increase by 66%, bringing the annual figure to 12,320. The United States tops Coinbase’s list for finding the most information around suspicious crypto transactions from the exchange this year. From India, Coinbase recorded 44 requests from the authorities.

While authorities in the US made 5,304 requests for information from Coinbase, the UK ranked second with 1,744 queries between October 2021 and September 2022, according to the report. .

“Coinbase currently serving more than 108 million customers worldwide. We regularly receive and respond to requests from law enforcement and government agencies seeking customer account information and financial records in connection with civil, criminal or other investigative matters. . These requests may include subpoenas, court orders, search warrants or other formal legal process,” the exchange wrote in a statement. transparency report.

Other countries have reached out to Coinbase for details on suspicious crypto activities accounting for 57% of global requests.

Argentina, Brazil, China, and Taiwan are among the 21 countries the authorities first contacted Coinbase in 2022.

“Six countries increased the number of agency and law enforcement requests by more than 100 percent: Spain (+940 percent), Belgium (+400 percent), Italy (+281 percent) ), the Netherlands (+163 percent), Austria (+141 percent ) and Ireland (+118 percent). Coinbase has a team of attorneys, analysts, and other professionals trained to review and evaluate each government and law enforcement request to assess its legitimacy and identify objections. appropriate response,” the report further noted.

For what it’s worth, crypto investors can be revived knowing that authorities from so many countries are monitoring the sector closely.

Several countries have repeatedly expressed concern about how often crypto assets are misused by criminals. illegal money laundering cross the border.

In addition, crypto-related scams have also increased significantly this year. string analysisin a report two months ago, said this October was the worst month for crypto crime, with more than $718 million in losses recorded that month.

With these crimes on the rise, the US government has issued sanctions against private mixer like Tornado Cash, have been used by crypto criminals to deposit their stolen funds into anonymous accounts.

Almost 10 percent of all funds sent from illegal addresses are sent to mixers, one report by Chainalysis was endorsed earlier this year.

In an effort to help law enforcement agencies understand the complexities of the crypto world, crypto players have launched initiatives suited to the mission.

Binance for example, given September’s ‘Global Law Enforcement Training Program’ aims to help police officers globally understand how Web3 technology and blockchain work.