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.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
Rachel Reeves has said she is determined to “defy” forecasts that suggest she will face a multibillion-pound black hole in next month’s budget, but has indicated there are some tough choices on the way.
Writing in The Guardian, the chancellor argued the “foundations of Britain’s economy remain strong” – and rejected claims the country is in a permanent state of decline.
Reports have suggested the Office for Budget Responsibility is expected to downgrade its productivity growth forecast by about 0.3 percentage points.
Rachel Reeves. PA file pic
That means the Treasury will take in less tax than expected over the coming years – and this could leave a gap of up to £40bn in the country’s finances.
Ms Reeves wrote she would not “pre-empt” these forecasts, and her job “is not to relitigate the past or let past mistakes determine our future”.
“I am determined that we don’t simply accept the forecasts, but we defy them, as we already have this year. To do so means taking necessary choices today, including at the budget next month,” the chancellor added.
She also pointed to five interest rate cuts, three trade deals with major economies and wages outpacing inflation as evidence Labour has made progress since the election.
Speculation is growing that Ms Reeves may break a key manifesto pledge by raising income tax or national insurance during the budget on 26 November.
Read more from Sky News:
What tax rises could Reeves announce?
Start-ups warn chancellor over budget bombshell
Please use Chrome browser for a more accessible video player
Chancellor faces tough budget choices
Budget decisions ‘don’t come for free’
Although her article didn’t address this, she admitted “our country and our economy continue to face challenges”.
Her opinion piece said: “The decisions I will take at the budget don’t come for free, and they are not easy – but they are the right, fair and necessary choices.”
Yesterday, Sky’s deputy political editor Sam Coates reported that Ms Reeves is unlikely to raise the basic rates of income tax or national insurance, to avoid breaking a promise to protect “working people” in the budget.
Please use Chrome browser for a more accessible video player
Tax hikes possible, Reeves tells Sky News
Sky News has also obtained an internal definition of “working people” used by the Treasury, which relates to Britons who earn less than £45,000 a year.
This, in theory, means those on higher salaries could be the ones to face a squeeze in the budget – with the Treasury stating that it does not comment on tax measures.
In other developments, some top economists have warned Ms Reeves that increasing income tax or reducing public spending is her only option for balancing the books.
Experts from the Institute for Fiscal Studies have cautioned the chancellor against opting to hike alternative taxes instead, telling The Independent this would “cause unnecessary amounts of economic damage”.
Although such an approach would help the chancellor avoid breaking Labour’s manifesto pledge, it is feared a series of smaller changes would make the tax system “ever more complicated and less efficient”.
Parliament’s spending watchdog has asked the Crown Estate to explain the rationale behind Prince Andrew’s “peppercorn” rent at Royal Lodge.
The Public Accounts Committee (PAC) has written to the Treasury and the Crown Estate after raising concerns over the value for money of the prince’s living arrangements.
The King‘s team is said to be in talks with his brother about leaving the property voluntarily following renewed controversy over his links to the late paedophile financier Jeffrey Epstein.
Andrew signed a 75-year lease in 2003 after paying an initial down payment of £1m and spent £7.5m on renovations as part of the agreement. He lives there with his ex-wife, Sarah Ferguson.
Prince Andrew lives at Royal Lodge with his ex-wife
“Peppercorn rent” is a legal term used in leases to show that rent technically exists, so the lease is valid, but it’s nominal, often literally £1 a year or just a symbolic amount. In practice, it means the tenant pays no rent.
In a letter published on Wednesday, PAC chairman and Tory MP Sir Geoffrey Clifton-Brown, said: “There is considerable and understandable public interest in the spending of public money in relation to Prince Andrew, which in part stems from the fact that he is no longer a working Royal and from serious and disturbing allegations made against him.”
He asked “that you write to us providing an update on the status of, and rationale for, the lease”.
Prince Andrew gave up his titles ahead of the publication of the posthumous memoirs of Virginia Giuffre, who accused the prince of sexually abusing her as a 17-year-old. He has strenuously denied the allegations.
Please use Chrome browser for a more accessible video player
Calls for Prince Andrew to leave Royal Lodge: Is it that simple?
Criticism has now turned to the 30-room mansion in Windsor he has lived in effectively rent-free since 2003.
Sir Geoffrey said the Crown Estate has a duty to manage its land “according to the best consideration of money or money’s worth which in their opinion can be reasonably obtained”.
Read more:
Where could Prince Andrew move to if he leaves Royal Lodge?
No simple solution to problem of Prince Andrew and Royal Lodge
The mansion has 30 rooms. Pic: Sky News
He went on: “We are therefore concerned as to whether the lease arrangements for Royal Lodge are, in light of recent developments and changes in the responsibilities of Prince Andrew, achieving the best value for money.
“They must also be justifiable in comparison to other options for the use or disposal of the property.
“It is also a matter of concern to the committee that the terms of the lease, including those relating to maintenance, are being effectively enforced to maintain the value and character of this nationally important royal residence.”
He has requested a response on or before 28 November, and said the committee will then decide if a public evidence session should be held.
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024