Coinbase Turned Over Info on 1,914 Users; 96.6% Were Criminal-based Law Enforcement Requests

As part of its commitment to be a trusted venue, Coinbase has released its first Transparency Report.

Much like other financial service providers and technology companies, Coinbase says it received requests from the law enforcement and government agencies seeking information and financial records in connection with civil, criminal, and other investigative matters in the form of subpoenas, search warrants, court orders, and other formal processes.

Because these requests are valid under the applicable laws, Coinbase must respond, wrote Paul Grewal, Chief Legal Officer at the San Francisco-based exchange, that currently serves over 38 million customers worldwide.

As per the report, the exchange received requests for information on 1,914 customers during the first six months of 2020. 58% of this request was from US agencies, and 16% was from state or local authorities like FBI, HSI, DEA, SEC, IRS, DOJ, and others.

Of the request, the majority, 96.6%, were criminal, while the rest was a civil or administrative type.

Overall, 90% of all requests came from just three jurisdictions — the US, UK, and Germany.

Coinbase Transparency Report
Source: Coinbase

“Great to see this transparency from coinbase. After some controversy re: privacy, this is a strong step forward,” said Jake Chervinsky, General Counsel at Compound. “Also worth noting, this comes from new CLO Paul Grewal (who I still think of as Judge Grewal), an extremely well-respected tech lawyer & big asset to the company.”

Coinbase also noted in the report they have been pushing back when appropriate; back in late 2017, they won against IRS over customer policy.

“I hope they’re pushing back on inappropriate gag orders as well,” said Jerry Brito, executive director of Coin Center, a DC-based crypto think tank.

“Glad to see Coinbase publishing a transparency report, joining companies like Kraken. Hopefully this becomes an industry standard,” he added.

More Reading: After US Secret Service, Coinbase Strikes a Deal with IRS to Sell its Data

Also Read: #DeleteCoinbase Trending After the Coinbase’s Deal with DEA & IRS Becomes Public

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Author: AnTy

Chainlink to Automate Auditing for REN Assets & Make Them ‘Highly Reliable’ as Collaterals

Chainlink is collaborating with another popular DeFi project RenVM to improve the “transparency and auditability” of renBTC, renBCH, and renZEC.

Last week, we reported how Chainlink joined hands with BitGo for auditing Wrapped Bitcoin (WBTC), which has nearly $1 billion BTC bridged on Ethereum.

The popular decentralized oracle network has already secured billions of dollars for leading DeFi protocols like Aave and Synthetix, and now it has found a new partner in RenVM.

Ren has just over $300 million funds locked in it with its token REN trading at $0.263, down only 7.4% since Oct. 1st, unlike many other Defi projects which have crashed during this period. LINK itself is down 51% from its ATH of $20, hit in mid-August.

RenVM, which has $900 million bridged, will be using Chainlink’s Proof of Reserve mechanism, fully automated and censorship-resistant, which is live on testnet and will soon be coming to mainnet.

By leveraging Chainlink, “smart contract applications on the Ethereum blockchain now have the ability to autonomously verify on-demand the current collateralization of each cross-chain asset minted within the Ren ecosystem,” said Michael Burgess, COO at RenVM.

Here, a Proof of Reserve Reference Contract will be deployed on Ethereum for renBTC, renBCH, and renZEC each. Through Chainlink’s oracles, the contracts will be kept up to date with the most recent collateralization. In case of deviation in reserves due to new minting or burning events, push an update.

Ren will also support Chainlink’s Price Reference Feeds to ensure RenVM based assets are “highly reliable” to be used as collaterals in DeFi. Loong Wang, CTO, and Co-founder of Ren said,

“Chainlink’s ability to automate the on-chain auditing process in a highly reliable and transparent manner, allows users to further trust Ren assets without having to track the reserves on their own manually.”

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Author: AnTy

Russia’s Moscow to Make Its Own Blockchain System To Achieve More Transparency in City Admin Services

Russia is not very well-known for its transparency, so the city of Moscow is trying to make a move in the opposite direction. The Information Technologies Department of the city has decided to hire a company to create blockchain-based systems for the city. According to the city, the cost of the new system will be around $860,000 USD.

This new platform will have several types of services, such as the issuance of documents of different types. Documents related to property and farming will be issued this way. The blockchain system will use a proof of authority consensus and will hold at least 1.5 people online at the same time.

According to the government of Moscow, creating the platform won’t take too long. The project is expected to be completed in 60 days. After that, Moscow is hoping to get a boost in the transparency of electronic services.

Reports indicate that the platform will possibly be integrated into other blockchains as well and become interoperable with them. Systems like one that was created to let citizens vote could be integrated, for example.

This system, called Active Citizen, is used to vote on several city topics such as street decorations and city events. Active Citizen was created back in 2017 and it was used to vote several times so far.

In the near future, the system is also set to be used in the city’s legislative elections. 6% of the voters in the city will be able to use the system to vote on the candidates that they want.

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Author: Bitcoin Exchange Guide News Team