new Coinbase Receives requests for user data from FBI and SEC

[BrolySSJ 7899]

Many believe that the use of crypto means that they are anonymous and they cannot be traced, and that is why there is so much illegal activity that is being funded by crypto. However, it is important to remember that the wallet that we use to store our funds, such as coinbase, does to a certain extent have a portion of our information which can be used to track us. 

 

According to a recent article, there FBI and SEC has made 1914  requests for user data. This of course is, from my point of view, related to some sort of investigation and whilst there are users all around the world that make use of coinbase, it is said that 58% of these requests were from the US. What do you guys think of this?/ Do you suppose that perhaps there may be a way to trace the crypto? Will crypto stop being used for illegal activities? 

 

If so, could this be a huge stepping stone to making crypto legal globally?

 

Link to the article: 

https://nairametrics.com/2020/10/19/customers-data-coinbase-received-1914-requests-from-fbi-sec/

[percare 3192]

Coinbase has given access to all the users accounts and it is a KYC regulated exchange that always co operates with the american authorities. They will keep giving what they are asked and they do more than what they are asked too as they created surveilance blockchain software and sold to the IRS.

[Zeshan Khalid 2577]

I don't think coinbase will be able to provide any precise information regarding this because it is true that the crypto transactions are very difficult to trace because they never require any banking channel. 

[cryptovlek 2597]

On 10/19/2020 at 10:51 AM, BrolySSJ said:

Do you suppose that perhaps there may be a way to trace the crypto?

You still haven't found out that you can trace crypto and it is not anonymous? What gave you the impression that nobody can trace you? All these arrests from Ulbricht to Vinnik didn't make you qurious how they were found?

[Fixfin 2569]

The US exchanges have been giving all access to all private data to american authorities. If you used one they have your data but this doesn't mean anything, they want to find the tax avoiders and criminals that launder money.

[Mella 3680]

I am shock by read about this, and all these 1993 people are sus now by the federal agents that they are did something wrong, if they are ask the coinbase should be given back since this is the law in the country, but I am very sad about these holder that if they did something bad then they are need to be found.

[zhoutong 2188]

You coinbase wallet has your name, address and everything they need on it, combined with other data like your mobile phone you can be traced where you are right now. Surveilance happens from the 80s but after google everything changed and modernized for them. Coinbase has given all hte records to the government years ago and while KYC is not needed either as when you withdraw they already know who you are.

[annayks 2314]

It is sad to keep reading comments from some people that think cryptocurrencies are anonymous. They never learn and they make mistakes as some drug dealers that got caught lately because of their bitcoin wallets that were connected to coinbase and other exchanges. The moment you open a wallet there is a digital imprint, even this is enough for agencies to know who you are.

[Amiami 1362]

As long as there are currencies such as monero or Dash, that prejudice about crypto that they are illegal and that they promote crime will not disappear, it is also proven that the origin and destination of funds can be traced within the BTC network, it is only possible  hide the trace using mixers.

[bogdanoff 3173]

I think that all the data the exchanges hold from KYC are given to the request of any government agency. They clearly do that for search at money laundering happening with crypto and for the illegal darknet markets that some are connected with big exchanges for withdrawals.

[Dorjoy12 8962]

 If coinbase authorities force its user to submit their kyc verification or something then the user of coinbase will decrease to around 40% i think because from all over the world crypto member use coinbase to store currency though from those user country not accepted crypto yet..   By the way, if coinbase authorities makes this step successfully then there has a chance they can control the illegal activity of crypto..                   

[wassim19 645]

In fact, we must fight the use of Bitcoin and cryptocurrencies in illegal matters because we will lose the confidence of new people who do not know anything about the Bitcoin while maintaining decentralization.

[kryptonick 2659]

Coinbase does always more than asked and will probably even send recent photos from their users which they leaked after hacking their computers. Joking of course but they could do anything to satisfy the requests of authorities no matter the reason. They've shown they don't respect the privacy of their customers in many occasions.

[pablomarwan 3082]

One of the things that this authority has done here is the privacy of the user. Also, the company in this matter is no longer trusted. Here, client privacy is not available, and anyone can track your balance. If we are all censored, and you cannot deal in a way that is comfortable for you without indulging the other. It is not acceptable

[Shaza Ahmad 1682]

As long as there are currencies that support privacy and at the same time the system of work in the cryptocurrency is decentralized, criminal activities will not stop, but on the other hand, we cannot say that cryptocurrencies are the cause of criminal activities because all criminal activities have existed for a long time even before crypto.

[Khan 1414]

If coin base agree with the FBI then user have to boycott the exchange because crypto currency is not meant to show anyone and its also against the privacy of the users.

[abohasnn9 2401]

My friend, it is very unfortunate that a famous platform like Coinbase takes information about its users from Federal Security. I have been setting up a plan to start working within the Coinbase platform, but it has changed completely now and the matter has bothered me a little and I hope that the platforms keep the security and integrity of their users' data Thank you

[yonkii 3205]

I have read about Coinbase and how it collaborates closely with american authorities. It gives access to all data when asked and there are rumors about authorities having knowledge of all Coinbase accounts. I don't like having my money in an exchange like that and it doesn't make me feel better or more safe. It is an exchange and still can have problems. Also, I don't think criminals are using Coinbase as they are well aware of the relation with authorities.