TLDR
- Law enforcement requests for Coinbase decreased 18% year-over-year, totaling 10,707 requests during the reporting period
- For the third year in a row, the USA has maintained its position as the country with the highest demand
- Germany, the UK and Spain all saw big drops in requests, while Singapore saw a 221% increase
- Around 81% of all requests came from six countries: USA, Germany, UK, France, Spain and Australia
- Most of the requests were related to law enforcement matters that required specific customer information such as names and IP addresses
Coinbase, one of the largest cryptocurrency exchanges in the world, released its sixth annual transparency report indicating a marked decrease in requests from law enforcement agencies and government agencies during the 2024 reporting period. The total number of requests fell to 10,707, representing an 18% drop from the previous year.
The report covering the period from 1 October 2023 to 30 September 2024, reveals that the US has retained its position as the country with the highest number of claims. This is the third consecutive year that the US has dominated information requests, despite a slight decrease in 2024.
In Germany, the number of law enforcement requests fell from 1,906 in 2023 to 1,269 in 2024. The United Kingdom saw an even greater decline, with requests falling from 1,416 to 784. Spain followed this downward trend, recording 473 requests in 2024 compared to from 732 in the previous year. year.
Following a break with this pattern, Singapore has emerged as a rapidly growing source of enforcement claims. The Asian financial hub saw a 221% increase, from 34 requests in 2023 to 109 in 2024. This increase is aligned with Singapore’s growing importance as a global cryptocurrency hub.
The data shows that six countries generated 81% of all law enforcement requests: United States of America, Germanythe United Kingdom, France, Spainand Australia. These requests focused primarily on law enforcement matters, including investigations of potential illegal activity.
Coinbase’s legal response team handles various types of requests, including subpoenas, subpoenas, and search warrants. The exchange maintains a dedicated team of lawyers, analysts and experts who review each claim individually to assess its legal merit.
When responding to valid requests, Coinbase may provide specific customer information such as names, recent login IP addresses, and payment details. However, the company stresses that no government has direct access to its systems or customer data.
The company’s review process includes steps to narrow overbroad requests and, in some cases, deny legally insufficient inquiries. Where possible, Coinbase chooses to provide anonymized or aggregated data instead of individual customer information.
The report covers all Coinbase services, including coinbase.com, coinbase.com/exchange and coinbase.com/prime. This comprehensive approach provides transparency across the company’s entire platform ecosystem.
Countries outside the six main applicant countries accounted for around 19% of all applications. This distribution highlights the global nature of cryptocurrency surveillance and enforcement activities.
The overall decrease in claims occurred during a period when Coinbase continued to expand its services. The company now operates in more than 100 countries and manages various products and services on its platform.
The requirements of European countries showed noticeable changes during the reporting period. The reductions in Germany, the United Kingdom, and Spain indicate evolving approaches to cryptocurrency control in these markets.
The increase in enforcement activity in Singapore is indicative of growing regulatory attention in Asia. This trend may reflect the growing importance of the region in the global cryptocurrency landscape.
Coinbase’s report shows that most of the requests relate to criminal investigations rather than civil or administrative matters. This emphasis suggests that law enforcement is primarily focused on potential illegal activity rather than regulatory compliance issues.
The Transparency Report provides insight into how Coinbase handles government requests while maintaining customer privacy. The company describes this as balancing regulatory compliance with customer confidence.
Looking at the figures by region, European countries sent fewer claims overall compared to last year. This regional shift contrasts with increased activity in parts of Asia.
In outlining its response procedures, Coinbase emphasizes its commitment to due diligence on each request. The company maintains certain procedures for determining the legal sufficiency of received claims.
The latest data from the report shows that about half of all requests come from countries outside the United States, a 6 percent decrease from the previous reporting period.
