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Investigation agencies doing strict scrutiny of transactions in crypto market

Coinbase, which is one of the largest international crypto exchanges, has been questioned by investigative agencies around the world. Requests for information from law enforcement agencies about suspicious crypto transactions from the exchange increased by 66 percent this year to nearly 12,320. America’s investigative agencies are at the forefront of this. Indian authorities have made 44 such requests to Coinbase.

The exchange has received 5,304 requests from US investigative agencies. The UK is in second place with 1,744 requests. Coinbase increased its transparency from October last year to September this year Report “The Exchange’s servers serve the needs of approximately 108 million customers worldwide. We regularly receive requests from law enforcement and government agencies regarding customer account and financial records in connection with civil, criminal, or other investigative matters.” Receive requests for information. These may include court orders, search warrants, or other legal process.”

Argentina, Brazil, China, and Taiwan are among the 21 countries that reported suspicious crypto activity to Coinbase for the first time this year. The report said, “Six countries saw an increase of more than 100 percent in requests for information from the exchange. These include Spain (940 percent), Belgium (400 percent), Italy (281 percent), Netherlands (163 percent) , Austria (141 percent) and Ireland (118 percent). The exchange has formed a team of analysts, lawyers and other experts to review each government and law enforcement agency request to determine an appropriate response.”

This indicates that the authorities in many countries of the world have increased the scrutiny of the cryptocurrency market. Strict laws are also being made in some countries regarding cryptocurrencies. This is likely to reduce the cases of fraud with investors. Due to the fall in the crypto market for the past several months, many firms and investors associated with this segment have suffered huge losses. This has also led to the bankruptcy of some crypto firms and exchanges. in many countries regulators Has also warned about this market. These include the major regulators of the European Union (EU).

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