- Paul Grewal has published the Coinbase Transparency Report 2022.
- It is the first report to cover an entire year of data on enforcement requests.
- A humongous enforcement requests were received outside the US.
Taking off the cloak of secrecy, the Chief Legal Officer of Coinbase, Paul Grewal, has published Coinbase’s Transparency Report 2022. Though it is the fourth transparency report of Coinbase, Grewal stated that it is the first publication to cover an entire year of data, from October 1, 2021, to September 30.
Addressing the crypto community, Grewal stated that one of the emerging trends observed is the humongous enforcement activity outside the US.
Describing the transparency report, Coinbase explained that the article contains data on the requests for information that the crypto exchange received from government and law enforcement agencies. The report provides insight into the government policies and actions that intersect with customer privacy.
Highlighting the key points of the report, Grewal claimed that there were a total of 12,320 law enforcement and agency requests received during the reporting period, which was 66% higher compared to last year’s report.
Among the total requests received, 57% were from outside of the United States, which was 6% higher than the previous report. Coinbase had received enforcement requests from 21 countries for the first time.
Moreover, 80% of law enforcement requests were from the U.S., U.K., Germany, and Spain. Coinbase witnessed 5,304 enforcement requests from the US, while 1774 were from the UK.
Analyzing the global enforcement requests, Coinbase claimed 95.3% were related to criminal matters. Among the enforcement and information requests received from the US, 55.6% were related to Federal criminal activities and 33.7% were in connection with state and local crime suspicion.
Concurrently, Grewal claimed that transparency is a critical part of being a company related to crypto. The Chief Legal Officer of Coinbase stated that the crypto exchange would commit to providing information on government and law enforcement on an annual basis.