Coinbase Reports Decline in Government Information Requests for 2024

TLDR

• Law enforcement requests to Coinbase decreased by 18% year-over-year, totaling 10,707 requests during the reporting period
• The United States maintained its position as the top requesting country for the third consecutive year
• Germany, UK, and Spain saw major decreases in requests, while Singapore showed a 221% increase
• About 81% of all requests came from six countries: US, Germany, UK, France, Spain, and Australia
• Most requests were related to criminal enforcement matters, requiring specific customer information like names and IP addresses

Coinbase, one of the world’s largest cryptocurrency exchanges, released its sixth annual Transparency Report showing a marked decrease in law enforcement and government agency requests during the 2024 reporting period. The total number of requests fell to 10,707, representing an 18% drop from the previous year’s figures.

The report, which covers the period from October 1, 2023, through September 30, 2024, reveals that the United States maintained its position as the country submitting the highest number of requests. This marks the third consecutive year of US dominance in information requests, despite showing a slight decrease in 2024.

In Germany, law enforcement requests dropped from 1,906 in 2023 to 1,269 in 2024. The United Kingdom experienced an even steeper decline, with requests falling from 1,416 to 784. Spain followed this downward trend, recording 473 requests in 2024 compared to 732 in the previous year.

Breaking from this pattern, Singapore emerged as a rapidly growing source of enforcement requests. The Asian financial hub recorded a 221% increase, jumping from 34 requests in 2023 to 109 in 2024. This surge aligns with Singapore’s rising prominence as a global cryptocurrency center.

The data shows that six countries generated 81% of all law enforcement requests: the United States, Germany, the United Kingdom, France, Spain, and Australia. These requests primarily focused on criminal enforcement matters, including investigations into potential illegal activities.

Coinbase’s legal response team processes various types of requests, including subpoenas, court orders, and search warrants. The exchange maintains a dedicated team of lawyers, analysts, and experts who review each request 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 emphasizes that no government has direct access to its systems or customer data.

The company’s review process includes measures to narrow overly broad requests and, in some cases, reject legally insufficient inquiries. Where possible, Coinbase opts 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 ensures transparency across the company’s entire platform ecosystem.

Countries outside the main six requesting nations accounted for roughly 19% of total requests. This distribution highlights the global nature of cryptocurrency oversight and enforcement activities.

The overall decrease in requests occurred during a period when Coinbase continued to expand its services. The company now operates in more than 100 countries, managing various products and services across its platform.

Requests from European nations showed notable changes during the reporting period. The decreases in Germany, UK, and Spain suggest evolving approaches to cryptocurrency oversight in these markets.

The rise in Singapore’s enforcement activity points to increasing regulatory attention in Asia. This trend may reflect the region’s growing importance in the global cryptocurrency landscape.

Coinbase’s report indicates that most requests relate to criminal investigations rather than civil or administrative matters. This focus suggests law enforcement agencies primarily target potential illegal activities 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 trust.

Looking at the numbers by region, European countries collectively submitted fewer requests compared to the previous year. This regional shift contrasts with increased activity in parts of Asia.

In outlining its response procedures, Coinbase emphasizes its commitment to reviewing each request carefully. The company maintains set procedures to determine the legal sufficiency of incoming requests.

Recent data from the report shows that about half of all requests came from outside the United States, marking a 6% decrease from the previous reporting period.