Crypto Exchange Kraken Reveals Law Enforcement Inquiries
Crypto exchange Kraken has shared details of the law enforcement inquiries it received in the past year. According to a blog post by Kraken, the exchange received a total of 4,923 data requests in 2023 from 69 countries. The United States had the highest number of requests at 1,393, with the Federal Bureau of Investigation (FBI) accounting for over 33% of all requests.
Regulatory Agency Requests
The U.S. Securities and Exchange Commission (SEC) was responsible for nearly 60% of all regulatory agency requests within the country, despite representing only 1.8% of total U.S. agency requests. Kraken also noted a significant increase of 33% in combined global law enforcement and regulatory agency requests in 2023 compared to the previous year. The British Virgin Islands and Australia experienced the largest percentage spikes at 400% and 341%, respectively.
Coinbase’s Law Enforcement Requests
Another major cryptocurrency exchange, Coinbase, reported receiving a total of 13,079 requests from law enforcement agencies between October 2022 and September 2023. This marked a 6% increase from the previous year. However, Coinbase clarified that the reported figures do not necessarily indicate the number of requests fulfilled.
Data Provision and Crypto Investigations
Both Kraken and Coinbase expressed their commitment to providing data to law enforcement when legally obligated to do so. In December 2023, blockchain forensic firm TRM Labs released findings showing that over 60% of crypto investigations conducted by surveyed organizations had positive outcomes. Additionally, 99% of these organizations expressed a desire for more crypto training.
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