Coinbase crypto exchange has disclosed a 6% uptick in law enforcement requests compared to the previous year, according to its annual transparency report.
The surge in requests reflects an intensification of global cryptocurrency regulations, with the United States, Germany, and the United Kingdom leading the way.
Coinbase reported a 6% increase in law enforcement requests from Q4 2022 to Q3 2023. The number of countries seeking information surged by 19, signaling a growing focus on cryptocurrency-related activities by regulatory authorities worldwide.
The United States, Germany, the United Kingdom, and Spain collectively accounted for 73% of the total 13,079 requests made to Coinbase.
The United States took the lead with 5,686 requests, primarily from criminal enforcement agencies. Germany surpassed the United Kingdom with 1,906 requests, while Spain followed with 732.
Australia witnessed a significant spike in requests to Coinbase, reaching 453 and experiencing a remarkable 262% increase. This underscores the global nature of law enforcement scrutiny in the cryptocurrency space.
Coinbase responded to these requests by providing information such as customer names, login details, and payment data. The exchange complied with various legal requests, including subpoenas and search warrants.
The transparency report from Coinbase highlights the growing trend of countries implementing comprehensive cryptocurrency regulations.
This has led law enforcement agencies to enhance their focus on monitoring and managing cryptocurrency-related activities.
Coinbase, like many entities in the crypto space, has faced legal challenges. Notably, the exchange had legal disputes with the U.S. Securities and Exchange Commission (SEC) over allegations of selling unregistered securities.
As a response, Coinbase is expanding its operations into regions with clear crypto regulations, such as the European Union and Australia.