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Coinbase is allegedly planning to license its blockchain analytics software to United States federal agencies, as per a recent report by The Block. These two agencies are the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA).
A spokesperson for Coinbase commented that the analytics software only offers them reorganized admittance to publicly-available data. He further clarifies that the agencies won’t get any access to the exchange’s internal or customer data.
Due to the latest development, the exchange has been receiving criticism by the crypto and blockchain community. The cryptosphere is horrified at the prospect of the collaboration between federal agencies and one of the most renowned crypto exchanges across the world.
Josh Rager, a renowned cryptocurrency trader, pointed to a Whale Alert tweet mentioning that six thousand BTC had just been removed from Coinbase. He mentioned,
“Millions of dollars seem to be leaving Coinbase as we speak. Investors & Traders are no longer limited to Coinbase or Bitmex. If you screw over customers, take part in shady deals or don’t improve products, customers can now go elsewhere to trade/invest.”
Will #DeleteCoinbase hashtag gradually disappears this time similar to the last time or things will be different this time?
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