The Nasdaq-listed cryptocurrency trade Coinbase has insisted that it doesn’t promote “proprietary buyer knowledge” after studies surfaced that its Tracer product is offering “historic geo monitoring knowledge” to the U.S. Immigrations and Customs Enforcement (ICE).
Coinbase Responds to Experiences of It Promoting Buyer Information to U.S. Authorities
Cryptocurrency trade Coinbase got here below fireplace final week when studies surfaced accusing the Nasdaq-listed firm of promoting buyer knowledge to the U.S. authorities.
Coinbase Tracer, the analytics arm of the cryptocurrency trade, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that will permit the federal government company entry to a wide range of knowledge, together with “historic geo monitoring knowledge,” based on a contract obtained by watchdog group Tech Inquiry.
Nevertheless, Coinbase clarified on Twitter Thursday: “We need to make this extremely clear: Coinbase doesn’t promote proprietary buyer knowledge.”
“Our Coinbase Tracer instruments are designed to assist compliance and assist examine monetary crimes like cash laundering and terrorist financing. Coinbase Tracer sources its data from public sources, and doesn’t make use of Coinbase consumer knowledge. Ever,” the trade additional tweeted.
Nevertheless, many individuals on Twitter don’t imagine that Coinbase just isn’t promoting any buyer knowledge to the U.S. authorities, noting that the corporate particularly makes use of the phrase “proprietary” to explain the info it’s not promoting.
Coinbase offered a single analytics software program license to ICE for $29,000 in August final yr, adopted by a software program buy probably price $1.36 million the subsequent month.
The total paperwork of the contract surfaced this week through a Freedom of Data Act request by Tech Inquiry. The story was initially reported on Wednesday by The Intercept.
The disclaimer on the Coinbase web site reiterates what the corporate tweeted Friday, stating: “Coinbase Tracer sources its data from public sources and doesn’t make use of Coinbase consumer knowledge.”
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