Coinbase tracks 6% rise in info requests from law, government agencies
Crypto exchange Coinbase says it had recorded a 6% rise in requests from law enforcement and government agencies compared to 2022, with the number of jurisdictions issuing requests jumping by 19, according to the exchange’s annual Transparency Report.
Four countries — the United States, Germany, the United Kingdom, and Spain — made up nearly three-quarters (73%) of the 13,079 agency requests to Coinbase for information between Q4 202
The United States made 5,686 requests to Coinbase, up from 5,304 last year, with 90.4% of those from criminal enforcement agencies. That number dwarfed Germany’s 1,906 requests, which ranked second. Germany traded places with the U.K. compared to last year, with the country seeing a small decline in requests over the year, down to 1,401 requests. This still far exceeded fourth-place Spain’s 732.
Meanwhile, Australia sent 262% more requests to Coinbase compared to the previous year, placing it sixth place at 453. Ukraine’s requests more than tripled, and Portugal’s more than doubled, but those countries still did not register in the top 15.
The report covered the final quarter of 2022 and the first three of 2023. The requests Coinbase counted included subpoenas, court orders, search warrants and other formal legal processes. Coinbase provided “customer information, such as name, recent login/logout IP address, and payment information” in response to requests, but may push back at times:
“Our obligation is to respond to these requests if they are valid under financial regulations and other applicable laws. […] Under certain circumstances, we may ask the government or law enforcement agency to narrow their request.”
Coinbase said in a blog post in September that 83% of “G20 members and major financial hubs” have crypto regulations in force or passed legislation on crypto. These regulations include the European Union’s Markets in Crypto-Assets (MiCA) regulation, passed in April, and other initiatives.
Meanwhile, enforcement agencies worldwide have begun to turn up the heat on crypto-related crime, with many beefing up their police units to trace potentially illicit crypto transactions.
Related: Coinbase warns customers about subpoena in apparent CFTC Bybit probe
Coinbase itself was the object of enforcement action in June of this year in the form of a suit by the U.S. Securities and Exchange Commission (SEC) alleging the sale of unregistered securities. It contested the SEC’s authority in the case in a court filing in October.
Coinbase is proud to present our fifth annual Transparency Report. By openly sharing this information on government data requests, we reaffirm our commitment to earning the trust of our customers, partners, and the communities we serve. 1/3 https://t.co/xjntkVPIqd
— paulgrewal.eth (@iampaulgrewal) November 30, 2023
Coinbase is active in over 100 countries. In September, announced plans to focus on expansion in the European Union, United Kingdom, Canada, Brazil, Singapore and Australia. Those jurisdictions are “enacting clear rules,” the exchange said.
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A former Conservative MP has said he felt “enormous guilt” when he found out he was the victim of a Westminster honeytrap scandal.
William Wragg resigned from the parliamentary party in April after he admitted giving out fellow politicians’ phone numbers to the suspected perpetrator of the sexting scam.
He said he felt threatened and pressured by the “catfish” after exchanging explicit photos with them.
Mr Wragg divulged the numbers to what he thought was a real person on a dating app, amid fears that the intimate images of himself would be leaked.
The former Tory party whip said he first saw news articles about the scandal when he was on a train.
The 36-year-old told the BBC: “My stomach just dropped.
“When I found out some of the things that had been going on, I just felt enormous guilt, enormous remorse.”
After the former Hazel Grove MP handed over the personal information, the catfish told Mr Wragg to vouch for their identity with their next potential victims, with the catfish telling their fresh targets they were a former researcher for Mr Wragg.
Mr Wragg agreed and this is what he feels “the most regret for” as it was “deceitful”.
Pic: PA
Panic attacks
After he was allegedly blackmailed, Mr Wragg started having panic attacks, with instances of yelling, crying, and swearing shocking his sleeping flatmates.
Police are investigating the scandal with at least 12 men with links to Westminster believed to have received unsolicited messages from the aliases “Charlie” and “Abi”.
The fake accounts were allegedly part of the scam to get MPs and other people in politics to send explicit images and other private or sensitive information.
Unlike others who were approached by the catfish accounts, Mr Wragg approached “Charlie” himself after spotting the profile on gay dating app Grindr.
And he thought the account was a real person before exchanging explicit photos with the catfish.
Suicidal thoughts
When the scandal broke, the humiliation and shame became too much for Mr Wragg.
He recounted photographers and the media camped outside his parents’ house, which is where he went to as he began to have suicidal thoughts.
Shortly after receiving medical attention, he returned to Westminster to resign as Conservative whip and from his posts on two parliamentary committees.
He had already announced he would not run in the next general election.
Keep up with all the latest news from the UK and around the world by following Sky News
Man detained
In June, a member of the Labour Party aged in his mid-20s was apprehended in Islington, north London, on suspicion of harassment and offences under the Online Safety Act.
He has since been released on bail.
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK.
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