Coinbase helps US' Homeland Security with analytics tool

Monday 20 September 2021 14:07 CET | News

The Immigration and Customs Enforcement department of the US has paid Coinbase USD 1.36 million dollars for a license to use Coinbase Analytics to study American residents’ knowledge.

Brian Armstrong, the CEO of Coinbase assures privacy advocates that the Coinbase Analytics product does not provide any information outside what’s publicly visible on the blockchain. It does not make available Know Your Customer information together with the aggregated results of Coinbase Analytics.

Amongst other things, Coinbase Analytics connects cryptocurrency transactions to real-world entities, and is able to investigate fraudulent blockchain activity. It remains unclear as to the exact data that the ICE will make use of from Coinbase’s blockchain forensic tool. Coinbase acquired a previously external analytics company called Neutrino in 2019, as it did not wish to share data with third parties in its effort to comply with anti-money laundering laws.

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Keywords: data sharing, partnership, blockchain, KYC
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Securing Transactions