Transparency at Coinbase

By Paul Grewal, Chief Legal Officer

Coinbase believes that trust is built through transparency and honesty. As we continue on our journey to becoming the most trusted venue for anyone to interact with the cryptoeconomy, today we’re releasing a Transparency Report that shares insights into how we handle legitimate government requests for some customer data.

Coinbase believes in protecting the financial privacy of our customers. As part of our commitment to being the most trusted place to engage with cryptocurrency, we work every day to ensure customer information remains safe and secure from compromise, inappropriate use, or unnecessary disclosure.

This includes keeping our customers informed about the information they entrust to us. In that spirit, today we are releasing our first Transparency Report. The report summarizes government requests that Coinbase received for customer account information during the first half of 2020.

First, some context

Coinbase currently serves more than 38 million customers worldwide. Like other global financial services and technology companies, we regularly receive requests from law enforcement and government agencies seeking customer account information and financial records in connection with civil, criminal, or other investigative matters. These requests largely come in the form of subpoenas, but may also include search warrants, court orders, and other formal processes. When these requests are valid under financial regulations and other applicable laws, Coinbase has an obligation to respond.

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, even when it is inconvenient or costly to do so. That’s why each request we receive is handled by a team of experienced specialists in accordance with set procedures to confirm the validity of the request and narrow or object to requests that are overly broad.

What to expect going forward

We believe transparency is a critical part of accountability and maintaining customer trust. That is why we plan to continue releasing these reports on a regular basis. While we are restricted from disclosing some of the information requests we receive, over time we hope to update and improve our reports with additional information, resources, and observations to provide more granular insights into our government response process.

A final point: while transparency reports have become more common in tech, they remain rare in financial services. We think it is important not just for cryptocurrency companies, but for fintechs and banks at large to shed light on financial data sharing practices and contribute to the understanding of industry trends in a meaningful way.

Coinbase Transparency Report — Period: Jan 1, 2020 — June 30, 2020

Total Requests Received: 1,914

Insights

  • ~58% of all requests come from US agencies
  • ~90% of all requests come from three jurisdictions: the U.S., UK, and Germany
  • ~16% of all U.S. requests come from state or local authorities


Transparency at Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original source: https://blog.coinbase.com/transparency-at-coinbase-c8edf6dce4d6?source=rss—-c114225aeaf7—4

Coinbase Custody explores support for new digital assets

We are continuing to explore the addition of custody support for new assets for customers around the world.

Coinbase Custody is one of the world’s largest and most trusted crypto custodians. Since its inception, it has focused on providing a highly secure and sophisticated storage solution for institutions and individuals that hold large crypto holdings. In addition to industry-leading security and insurance protection, Coinbase Custody has remained on the leading edge of crypto-native features such as staking, governance and decentralized finance (DeFi). We have built a system that is secure, and reliable, but also has the features and functionality that most traders and financial institutions are looking for.

Over the coming months, we plan to support more assets and launch new features that will continue to demonstrate that Coinbase Custody is one of the most trusted and innovative places for institutions to store their crypto assets.

Part of growing the cryptoeconomy, Coinbase Custody will also be exploring ways to serve more institutional clients across the Asia-Pacific region. Most recently, Coinbase Custody has added support for FTX (FTT) and Serum (SRM).

While not all assets, chains and features will be available in all regions, a full list of digital assets that Coinbase Custody is exploring is below.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), Wrapped Bitcoin (WBTC)

Our decision to support any asset for custody requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee whether or when any above-listed asset will be available for Coinbase Custody in any jurisdiction. We will add custody support jurisdiction-by-jurisdiction, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential custody support.

Our customers can expect Coinbase Custody to make future, similar announcements as we continue to explore the addition of numerous assets.

Coinbase Custody offers one of the most sophisticated and reliable crypto custody solutions in the world. To learn more about Coinbase Custody click here.

  • Assets supported by Coinbase Custody are not guaranteed to be listed on Coinbase trading platforms.

Please note Coinbase is an investor in the following crypto projects: Audius (AUDS), Curve (CRV), Reserve (RSV), Reserve Rights (RSR), tBTC (TBTC) and The Graph (GRT). Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. Decisions to support any asset will never be based on Coinbase’s investments and all assets follow a standard review process.


Coinbase Custody explores support for new digital assets was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original source: https://blog.coinbase.com/coinbase-custody-explores-support-for-new-digital-assets-d3b521bc6816?source=rss—-c114225aeaf7—4