Kraken sees global uptick in data requests by law enforcement

squatter

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Quote from: LeGaulois on January 09, 2020, 04:56:28 PM

Isn't it an exaggerating article? The infographic posted in the tweet shows ~1200 accounts were concerned (here).

More than anything, Kraken is just venting about rising compliance costs and regulators breathing down their neck. The vast majority of their customers are obviously unaffected.

I think they began releasing this annual report partly as an explanation for increasing AML/KYC requirements, banking difficulties, etc. -- sort of a "Just look at what we have to deal with!" kind of a move.

LeGaulois

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Isn't it an exaggerating article? The infographic posted in the tweet shows ~1200 accounts were concerned (here). How many customers does the company have? I didn't find any statistics, but if there are 1 million users, 1200 accounts represent only ~0.12%. It's quite a low rate for me. Coinbase currently has more than 30 million customers, I'd like to know the number of cases for this company.

And again, out of the 1,200 accounts involved, in fact, it concerns finally only 700 persons. In the end, 700 out of 1 million = 0.07%
Half comes from the United States alone and in the majority of cases (50%) it concerns American citizens, which is not surprising when you know how intrusive the administration can be there.

49% increase in requests from 2018. Yes, ok but it also shows that a third of these requests are invalid.

audaciousbeing

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Quote from: figmentofmyass on January 08, 2020, 02:21:29 PM

Quote from: hv_ on January 08, 2020, 02:14:44 PM

https://mobile.twitter.com/RealCoinGeek/status/1214970284580757505

https://coingeek.com/kraken-sees-global-uptick-in-data-requests-by-law-enforcement

anyone surprised by this? i'm not. kraken puts this report out every year, and every year it confirms the same trend: more and more requests from law enforcement. the only surprising thing is the USA government's share of total requests is falling.

The way its going, the real power resides with the one with the most amount of data and what is what is being done. The world today is gradually becoming so unsafe and bad people are constantly looking for ways to ensure that they carry out their activities while its the function of government to ensure that they are not successful and having the right amount of information is a good way to ensure that.

CryptoBry

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Quote from: figmentofmyass on January 08, 2020, 02:21:29 PM

Quote from: hv_ on January 08, 2020, 02:14:44 PM

https://mobile.twitter.com/RealCoinGeek/status/1214970284580757505

https://coingeek.com/kraken-sees-global-uptick-in-data-requests-by-law-enforcement

anyone surprised by this? i'm not. kraken puts this report out every year, and every year it confirms the same trend: more and more requests from law enforcement. the only surprising thing is the USA government's share of total requests is falling.

That can be really interesting. And this can mean that other countries are even more strict in ensuring that they get the information that they need even more than the USA. Well, this is quite expected since there are now many European countries really implementing the laws on cryptocurrency business and they are doing things according to what they see they should be. I am assuming that 2020 is the year that can be known where exchanges are squeezed to share the details of their users to requesting authorities. And I am not sure if something good can be coming out of this trend.

Theb

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Quote from: figmentofmyass on January 08, 2020, 02:21:29 PM

anyone surprised by this? i'm not. kraken puts this report out every year, and every year it confirms the same trend: more and more requests from law enforcement. the only surprising thing is the USA government's share of total requests is falling.

This only means that other countries are following it hard when it comes to their crypto-regulation and as I suspected congroversial countries like Great Britain, Denmark, and Italy are keeping up with the US. These countries are known to be sensitive when it comes to AML procedures, tax obligations, and as well as crimes related to crypto that's why it should be expected that they are having several requests on their company. I should be expecting that this number will increase greatly in 2020 once another good bull run will happen and the market will be flocked by a lot of people.

figmentofmyass

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Quote from: hv_ on January 08, 2020, 02:14:44 PM

https://mobile.twitter.com/RealCoinGeek/status/1214970284580757505

https://coingeek.com/kraken-sees-global-uptick-in-data-requests-by-law-enforcement

anyone surprised by this? i'm not. kraken puts this report out every year, and every year it confirms the same trend: more and more requests from law enforcement. the only surprising thing is the USA government's share of total requests is falling.

hv_

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https://mobile.twitter.com/RealCoinGeek/status/1214970284580757505

https://coingeek.com/kraken-sees-global-uptick-in-data-requests-by-law-enforcement

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