Coinbase has denied rumors that it sells user information to United States Immigration and Customs Enforcement (ICE), an agency under the Department of Homeland Security.
On Thursday, it was reported online that Coinbase had given the ICE information about where people were. Twitter users like Solobase Mac were surprised by this and said, “We didn’t sign up for that.” They put it up:
Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will be owing me 10 million for that one. I didn’t sign up for that. What the hell could this be real or false. Man so much running through my head right now.
— Solobase Mac (@Blacktalizman) June 30, 2022
Coinbase said on Twitter that it “does not sell private user information.” The exchange made it clear that providing a safe and secure environment for platform users is its top priority.
Also, the cryptocurrency company has pointed out that its Coinbase Tracer tools are made to follow federal rules. According to Coinbase, this is used to look into financial crimes like funding terrorism and laundering money. The exchange says that the data they give to the government only comes from public sources and not from information about Coinbase customers.
The ICE hired Coinbase to make software for the government agency in September 2021. In exchange for $1.36 million, the exchange has to give the ICE “application development software as a service.”
Even though the current crypto cold makes it hard, Coinbase is trying to expand its operations in Europe. The exchange has started hiring people in Switzerland and has permission to do business in countries like Germany, Ireland, and the UK.
Last week, Moody’s lowered Coinbase’s Corporate Family Rating (CFR), which is a measure of the company’s ability to meet its financial obligations. Also, the rating agency lowered the exchanges’ guaranteed senior unsecured notes, which are debts that are not backed by collateral assets.
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