Global cryptocurrency exchange Coinbase is once again under controversy, this time for a very serious matter. The exchange just came out refuting claims that they sold user data to the US government, despite reports to the contrary.
Yesterday reports flew in saying that the exchange is allegedly selling user data to the U.S. Immigrations and Customs Enforcement agency (ICE), including historical geo-data and transaction history.
Coinbase tweeted, “Coinbase does not sell proprietary customer data. Our first concern has been and always will be providing the safest and most secure crypto experience to our users.”
Also Read: Why Americans Choose Coinbase Over Other Crypto Exchanges
According to the platform, Coinbase Tracer tools are utilized to investigate financial crimes such as terrorism funding and money laundering.
The exchange claims that the information the Tracer tools give to the government is derived solely from public sources and not from Coinbase user data.
Coinbase has been hit with multiple controversies amid the ongoing crypto winter. Last month, Coinbase employees even initiated an online petition calling for the removal of some of the top Coinbase executives.
A few days back, Goldman Sachs warned that Coinbase could face further degradation and its current bear market won’t be ending anytime soon.
Before that, rating agency Moody downgraded Coinbase’s corporate debt and also placed its debt ratings under review for further downgrade.
