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Coinbase helps US immigration service with providing transaction data

 


According to a new report, crypto exchange Coinbase has provided US Immigration and Customs Enforcement (ICE) agents with a "set of features" to track the platform's customers. According to the report, ICE was given access to an application called Coinbase Tracer. This can be used to view forensic data.


ICE is a government agency reporting to the Department of Homeland Security. ICE's primary mission is to protect the country from cross-border crime and illegal immigration.


Coinbase Tracer is designed to help ICE identify malicious and fraudulent transactions on blockchains. According to The Intercept , the tool allows ICE agents to "match addresses with real people".


Another email, released under the Freedom of Information notice, said ICE was not required to agree to the end-user license agreement with Coinbase. An end user license agreement defines what users can and cannot do with a company's software products. That would mean that ICE can use the data tracking tool as it pleases with minimal restrictions.


Coinbase was questioned about the matter and in response, spokeswoman Natasha LaBranche merely provided a link to the company's website, which stated, "Coinbase Tracer obtains its information from public sources and does not use Coinbase user data." The Coinbase spokeswoman did not provide any information on the limitations on ICE's use of Coinbase Tracer.



In September 2021, ICE inked a $1.36 million deal with the crypto exchange , which also included access to Coinbase Tracer. At that time, the nature of the contract was only vaguely described. The primary concern was that Coinbase provides “application development software as a service” to the agency.


Coinbase has been in the headlines a lot lately. As Cointelegraph reported, the exchange plans to expand further into Europe to have an even greater presence in the region. Goldman Sachs, meanwhile, downgraded Coinbase stock to “sell” on Monday after a correction of over 80 percent .

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