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Coinbase Reports Decline in Government Information Requests for 2024
Blockchain and cryptocurrency exchange platform Coinbase has published its latest transparency report, revealing a significant decrease in government information requests for the year 2024. According to the data, the company received a total of 10,707 requests from law enforcement agencies worldwide.
Notably, this figure represents an 18% drop from the previous year’s figures. It is worth mentioning that most of these requests originated from traditional countries, which showed reduced activity in seeking information from Coinbase. On the other hand, Singapore emerged as a new and growing source of regulatory oversight, with a staggering 221% increase.
The report highlights the fact that over 81% of all government inquiries came from just six countries: United States, Germany, UK, France, Spain, and Australia. The remaining 19% were made by other nations worldwide.
Breaking down the data further, it is clear that most requests are related to criminal investigations rather than civil or administrative matters. This suggests a shift in focus for law enforcement agencies, which now primarily target potential illegal activities rather than regulatory compliance issues.
As Coinbase continues to expand its services globally, managing various products and services across its platform, the decrease in government information requests is an encouraging sign that governments are adapting their approaches to oversight and regulation of the cryptocurrency industry.
Source: blockonomi.com
