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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/

Blockchain

Crypto.com OnBoards Filomena Ruffa as GM of Latin America

Filomena Ruffa brings strong relationships and wide experience in the LATAM region to Crypto.com.

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Crypto.com announced on Wednesday that it has onboarded Filomena Ruffa as General Manager of Latin America.

In a recent press release, Crypto.com, a digital asset financial service provider, announced that it has recruited Filomena Ruffa to fulfil the role of General Manager for Latin America.

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Ruffa brings strong relationships and wide experience in the LATAM region to Crypto.com. She will head all its operations, drive strategic business relationships and prepare for the coming rollout of its Visa card in the region.

Prior to the recent appointment, Filomena served as the Innovation and Strategic Partnerships Consultant to Payments | FinTech | Financial Services in Miami for three years. There she advocated early startups on their Strategic Offerings, Go To Market strategies and assisted in developing alliances and partnerships.

Earlier on, she held the role of Vice President of Innovation and Strategic Partnerships LAC at Visa and was located in Miami for two years. She led a path towards innovation and collaboration between partners, clients and fintech companies from across the LAC region.

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Filomena Ruffa, GM Latin America, Crypto.com
Filomena Ruffa, GM Latin America, Crypto.com Source: LinkedIn

Additionally, at Cardinal Commerce, she took on the role of General Manager for the LAC Region. She successfully held this post for almost four years. Moreover, from the beginning of 2009 until late 2011 she was at SafetyPay – USA fulfilling the role of Vice President of Strategic Partnerships and Alliances.

Back in 2003, she joined the ranks of Boxkite Systems Technologies as their Executive Vice President and was productive there for almost six years. Before this, Ruffa was employed by Biometrics Imagineering Inc. as Chief Operating Officer.

Ruffa Joins Crypto.com to Drive Expansion to Robust LATAM Market

Ruffa, who helped banks and merchants adopt disruptive solutions to onboard new consumers, joins at an auspicious time as Crypto.com has expanded its portfolio and entered new markets. This appointment coincides with Crypto’s.com’s recently released Portuguese and Spanish versions of its App and Exchange. Not forgetting its recent rapid growth now reaching more than five million users. Notably, the LATAM region is a crucial market that has limited access to financial services in many countries.

Kris Marszalek, CEO of Crypto.com said: “Filomena’s extensive experience working in the Latin American payments market is a valuable asset to the Crypto.com team as we continue our expansion into this important region. With over half a billion people and a robust crypto ecosystem, LATAM has huge potential.”

Ruffa said: “I am honored and thrilled to lead the Crypto.com expansion into Latin America. Crypto.com is on a mission to accelerate the world’s transition to cryptocurrency and I can’t wait to start building Crypto.com strategic presence in the Latin America Region and work alongside the team and our partners.”

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Avanti named second crypto bank in America

Avanti has gained approval to debut a crypto bank in Wyoming. This becomes the second crypto-friendly banking institution in the US. The concept of the crypto bank is gradually gaining ground in the United States, particularly in the state of Wyoming. Recently, the leading digital currency exchange Kraken was approved by the state’s authorities to […]

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  • Avanti has gained approval to debut a crypto bank in Wyoming.
  • This becomes the second crypto-friendly banking institution in the US.

The concept of the crypto bank is gradually gaining ground in the United States, particularly in the state of Wyoming. Recently, the leading digital currency exchange Kraken was approved by the state’s authorities to establish a crypto-friendly financial institution. Today, Avanti Financial has equally gained approval from the authorities to launch the second bank. 

Avanti becomes US second crypto bank

According to recent information, the Wyoming State Banking Board greenlighted the company to establish its crypto bank in the state without any objection. Avanti gained the bank charter approval from the board after an 8-0 supporting vote. Following the crypto bank, Avanti intends to provide several digital currency-related services, including online banking and assets custody services. 

Additionally, the crypto bank will provide a stablecoin dubbed AVIT. The token will be pegged equally with the United States dollar. Avanti claimed that its AVIT token is a “stablecoin disruptor,” adding that it will address certain regulatory issues with other stablecoins that pertain to accounting, taxation, and regulation. The AVIT stablecoin will be launched on Bitcoin’s Liquid sidechain, Ethereum, and other blockchains. 

More path to adoption

By launching a crypto bank, Avanti is planning to bridge the huge gap between digital assets and traditional financial systems. According to the CEO of Avanti, Caitlin Long, the banking institution will debut with an adequate standard of custody for assets. More so, the bank is positioned to launch unique crypto-related products and services, which aren’t available in the market.

This is a welcomed development for the crypto industry, as the United States gains its second crypto-friendly financial institution. This came after Avanti raised about $5 million from angel investors to spearhead the initiative. Meanwhile, Kraken was the first entity to gain approval to launch a bank in Wyoming state, US. 

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Bitcoin price prediction: BTC coming out of H&S after $13000

Bitcoin price prediction reveals that BTC hit the H&S low. BTC is now coming out of head and shoulder movement after hitting $13000 low. BTC price is now likely to move towards the $14000 mark. The king of cryptocurrency has just completed a head and shoulder (H&S) formation on the charts. The H&S formation took […]

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  • Bitcoin price prediction reveals that BTC hit the H&S low.
  • BTC is now coming out of head and shoulder movement after hitting $13000 low.
  • BTC price is now likely to move towards the $14000 mark.

The king of cryptocurrency has just completed a head and shoulder (H&S) formation on the charts. The H&S formation took the cryptocurrency price to the $1297 low at one point.

The H&S pattern started forming on the 26th of October and by day end on 27th the pattern had primed. As expected the cryptocurrency managed to stay afloat for a few hours before declining and currently stands at the $13100 mark.

Bitcoin price prediction: Where is BTC headed?

In the past 24-hours Bitcoin price has been hovering around the $13300 and $13000 marks. However, Bitcoin price prediction by cryptocurrency analyst Margin Buu explains that the king is now going to go through a retesting phase.

The analyst explains that the king is in a relatively weaker position than the previous week. The weak altcoin market demand is also affecting Bitcoin’s position in the market. The king was unable to hold the $13200 support and is now retesting the $12900 support levels to break through to the previous mark. If the king manages to hold above $13200 for 24-hours a bearish momentum is likely to build.

Trading view analyst Wyckoff mode explains in his 2-day Bitcoin price prediction that the king of cryptocurrency is treading on slippery slops. If the king manages to hold ground above $13000 it is likely to make it back into a bullish momentum.

Bitcoin price prediction: BTC coming out of H&S after $13000 3
Bitcoin price prediction chart by Wyckoff Mode

Mode further that the price action to likely to remain the same until the Green Line falls in the 2-Day to make contact with the Red RSI. That may not occur until the NEXT 2-Day Candle. Then the next 2-Day candle after that (October 31, 2020) we could see a chance for a drop to the Yellow B-Band Basis in the 2-Day but at least to the White upper B-Band the 2-Day, towards a bullish momentum.

US elections affecting Bitcoin price?

Given the current situation in the United States, analyst Pixi believes that the king is likely to drop down to the $8000 mark, and if it loses support, further below to the $5000 range. However, the Bitcoin price predictions seems a little far fetched since none of the other analyst are reporting such a possibility.

Analyst Thisma explains that the king cryptocurrency is shaky at the moment and is likely to drop back towards the $12800 mark. But given that the Trading View technical indicators are pointing towards a buy signal, BTC is likely to hold ground.

The US election is due on the 3rd of November, and the market is expected to slow down in the coming week by a good margin. The good news is that the crypto fear and greed index is also presenting a good greed score of 67 and Bitcoin has enough margin to stabilize between now and election day. Cautious trading is advised as always.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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