Coinbase clarifies on selling clients data allegations Cryptocurrency trading platform

Cryptocurrency trading platform

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Coinbase clarifies on selling clients data allegations Cryptocurrency trading platform

Coinbase has discredited allegations claiming that the Company is selling the Department of Homeland Securitys Immigration and Customs Enforcement (ICE) with client information have been discredited. Online rumors about the exchange giving the ICE geolocation data started to spread on Thursday. Due to this, members of Twitter like Solobase Mac expressed their disbelief and the fact that they didnt sign up for that.

Coinbase announced on Twitter that the company does not sell proprietary client data.The exchange emphasized that providing a safe and secure experience to platform users is its top concern. The cryptocurrency platform has also stated that its Coinbase Tracer tool was developed to comply with legal regulations. According to the company, it is used to look into financial crimes including money laundering and supporting terrorism.

The exchange claims that the data they provide to the government does not include any user information from Coinbase, but information from public sources. In September 2021, Coinbase and ICE signed a contract to create software for ICE for the latter. The Exchange is required by agreement to offer "Application Development Software as a Service". The deal will pay the government agency $1.36 million to the exchange.

Despite the difficulties caused by the current crypto winter, the company is looking to expand its business in Europe. The exchange is authorized to conduct business in countries such as Germany, Ireland and the United Kingdom, and has started hiring employees in Switzerland. The Corporate Family Rating (CFR) for the company, which reflects an assessment of the company's ability to meet Moody's's financial obligations, was downgraded last week.Senior unsecured notes that are guaranteed by exchanges but not secured by any asset were also downgraded by the rating agency.

Coinbase is one of the most popular cryptocurrency platforms in operation today. This exchange provides users with the potential for making money on their trades

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