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Is Coinbase ratting out its users to US immigration?

 


According to media reports, Coinbase is selling comprehensive surveillance software to the United States Immigration and Customs Enforcement, ICE. This emerges from an internal contract document that had to be published after a request under the Freedom of Information Act. It can be viewed on the NGO Tech Inquiry platform . Particularly explosive: The deal with ICE also includes the sale of GPS data. From a purely legal point of view, the authorities could apparently do with it what they wanted.


The monitoring software is called Coinbase Tracer. Coinbase markets them for use in criminal investigations and compliance. Tracer allows companies and government agencies to "investigate illegal activities, including money laundering and terrorist financing" and "connect crypto addresses to real-world entities." According to the document, Coinbase sold a license to ICE for $1.36 million in August 2021. It also includes the highly controversial Homeland Security department.


Authorities can use Coinbase Tracer to monitor dozens of cryptocurrencies, including Bitcon, Ethereum, and Tether. You get more precise insights into transfers and better analyze money flows, for example the use of mixers . These are often used for money laundering.


The contract also includes "historical geotracking data." What exactly this data consists of or where it comes from is not explained in the contract. Also worrying is that, according to a published email, ICE did not have to agree to an end user license agreement. This usually limits what a customer can do with software.


Coinbase responded to the allegations via Twitter yesterday. They “do not sell any data from users”, it says. Coinbase Tracker was created to "support compliance" and "assist in the investigation of financial crimes such as money laundering and terrorist financing".

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