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Privacy at Stake: 96% Of Information Requests to Coinbase Came From US Federal Agencies

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Coinbase has released its recent Transparency Report, and the results are not at all encouraging for privacy advocates and believers in an “anti-establishment” philosophy of cryptocurrencies.

According to the company, out of 1914 requests for information it received, 1848 of them corresponded to subpoenas and interactions made by criminal investigation agencies, and only 66 came from civil or administrative agencies.

Type of Information Requests sent by Law Enforcement Agencies to Coinbase. Image: Coinbase
Type of Information Requests sent by Law Enforcement Agencies to Coinbase. Image: Coinbase

Coinbase Unveils An Unsurprising Report

Such statistics from Coinbase are not strange. The company has consistently expressed its willingness to cooperate with U.S. law enforcement agencies, having contracts and good relations with the U.S. Department of Homeland Security.

This number far exceeds the 710 requests received by Kraken during 2019. This exchange is also based in the United States and discloses data on requests made by authorities. This year, Kraken reported that the authorities developed an increasing interest in crypto, raising the number of information requests by almost 50%.

The team at Coinbase said they have no problem disclosing information to the authorities as long as legal procedures are followed. Still, they also emphasized that customer privacy is also considered. In any case of conflict of interest, they could act in favor of their customers.

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As a financial institution with a duty to detect and prevent prohibited activity on its platform, we respect the legitimate interests of government authorities in pursuing bad actors who abuse others and our platform. Yet, we will not hesitate to push back where appropriate.

However, it is important to consider that both Coinbase and Kraken were ranked among the top cryptocurrency exchanges of 2020 by CryptoCompare. The fact that they are registered in the US, have strong AML/KYC policies, and comply with US law, is a major point when it comes to assessing how safe and trustworthy a crypto exchange platform is.

Another highlight of the report is the most interested agencies in tracking cryptocurrencies across the crime world. According to Coinbase, 30.5% of the requests came from the FBI, Homeland Security followed by 16.5%, several local entities with 16.2%, and finally the DEA with 9.3%.

Running An International Business Comes With a Cost

Agencies with direct competence in the economic area had a minimal relationship with Coinbase. The SEC presented 2.6%, the CFTC 0.6%, and the IRS administrative area a little more than 2.2% (in contrast to the 6% of the area that is dedicated to criminal investigations).

US Law Enforcement Information Request, by Agency. Image: Coinbase
US Law Enforcement Information Request, by Agency. Image: Coinbase

Outside of the United States, Coinbase also collaborates with many governments. America has 1113 of the 1914 applications, while the rest of the countries have very little interest in this world. The U.K. sent 443 requests, and Germany 116, the rest of the countries did not reach the 50 interactions with the exchange.

Countries with information requests registered by Coinbase. Image: Coinbase
Countries with information requests registered by Coinbase. Image: Coinbase

The Coinbase report shows that the United States is increasingly interested in regulating cryptocurrencies to the fullest extent. From trying to force encryption service providers to work on solutions to allow law enforcement agencies to access private citizen data to paying companies to develop methods to track down privacy-focused blockchains, such as Monero or Zcash.

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Source: https://cryptopotato.com/coinbase-releases-transpareny-report-2020/

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Binance exchange partner Simplex rolls out Tether to euro offramp

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Simplex, a major crypto-to-fiat payments provider, is adding another fiat offramp to enable its partner exchanges like Binance and Huob to sell major stablecoin Tether (USDT) to the euro.

According to an Oct. 29 announcement, Simplex has rolled out new Tether (USDT) offramps across its partner network including major exchanges like Binance, OKEx and Huobi.

A Simplex representative told Cointelegraph that the latest development marks the first time when the sell option is enabled for Tether on Simplex, stating:

“USDT has been available to purchase through our partner network for a while but ‘cashing out’ and selling directly in this currency were not […] But the sell option right now is only to euro, but buy is enabled with 50 fiat currencies.”

With the new crypto-to-fiat offramp, Simplex’s partner companies can immediately add the new feature for their users worldwide, the firm’s executives said. “Simplex enables anyone to sell USDT and convert it into euro — using our bank account via our partner network users can transfer those funds anywhere in the world,” the spokesperson noted.

To date, Simplex’s partner network includes over 200 services including crypto exchanges, brokers and wallets. Alongside centralized crypto platforms, Simplex’s partner network also includes companies like MakerDAO — a major player in decentralized finance, or DeFi.

The world’s largest stablecoin, USDT surged almost 300% in 2020 in terms of market capitalization, starting the year with a market cap of $4 billion and rising up to nearly $16 billion in October. According to an recent report by Bloomberg, Tether could surpass Ether’s (ETH) market cap by the end of 2021, becoming the second-largest crypto after Bitcoin (BTC).

Source: https://cointelegraph.com/news/binance-exchange-partner-simplex-rolls-out-tether-to-euro-offramp

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Bitcoin Hash Rate Drops as Chinese Miners Hunt for Cheaper Power

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/bitcoin-hash-rate-drops-chinese-miners-hunt-cheaper-power/

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Market Watch: After a Bloody Wednesday, Bitcoin Struggles At $13,000 As ETH Below $400

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Bitcoin went on a roller-coaster ride in the past 24 hours from a new yearly high of nearly $14,000 to dipping below $13,000. Most altcoins mimicked their leader, and the total market cap has dropped by $15 billion.

Bitcoin’s Wild 24H Ride

As CryptoPotato reported yesterday morning, everything seemed to be going in BTC’s way. The cryptocurrency was surging and peaked at another 2020 high. In fact, with a price of $13,865, it came inches away from breaking last year’s record as well.

However, it was not to be as the situation reversed rather vigorously. In the following hours, Bitcoin plummeted in value. This resulted in a daily low of about $12,920 (on Bitstamp). In other words, the primary cryptocurrency lost nearly $1,000 in just a few hourly candles.

Since then, though, Bitcoin has recovered some of its losses. After reclaiming back the $13,000 price level, BTC has increased to its current position – around $13,150.

On its way down, BTC found support somewhere around the $12,950 line. Should another price dip occur and Bitcoin breaks below it, the next support level is at $12,800. Contrary, BTC has to overcome the resistance at $13,500 to return to its recent bull run.

btcusd_chart
BTC/USDT. Source: TradingView

Red Dominates The Altcoins

As it typically happens, when Bitcoin plummets, so do most of the altcoins. The scenario repeated yesterday, and despite most of them recovering some of the losses, red is still the predominant color.

On a 24-hour scale, Ethereum has dropped by 2.3% and struggles to stay below $390. Ripple (-2.5%) has dipped below $0.25. Binance Coin (-3.3%), Chainlink (-2.4%), Polkadot (-4.6%), Litecoin (-4.25%), and Bitcoin SV (-1.3%) have also painted red.

heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

Crypto.com Coin has lost the most value since yesterday – 10%. CRO trades beneath $0.09. The cryptocurrency’s price hasn’t enjoyed October so far as it has dropped by more than 40% since the start of the month.

Aragon (-8.5%), Ocean Protocol (-8%), Maker (-7%), Celo (-7%), and Yearn. Finance (-7%) follow. In total, the cumulative market capitalization of all digital assets has dropped from $410 billion to $391 billion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-after-a-bloody-wednesday-bitcoin-struggles-at-13000-as-eth-below-400/

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