Coinbase has witnessed a 66% rise in the number of law enforcement-related appeals in the past year itself, which is a massive increase, according to experts in the domain. For the record, this happens to have taken place till the 30th of September. The sheer numbers touching the figure of 12,320 is remarkably and comparatively massive by any set standards.
Out of the entire amount, the United States of America has supposedly made 43% of the appeals, by far the largest. However, this was quickly followed by the number of appeals made by the United Kingdom, then Germany and Spain, according to official records available. However, the increase has come months after the Tornado Cash was sanctioned by the U.S. Treasury’s Office of Foreign Assets Control for being used by a group of hackers connected to North Korea.
According to the Chief Legal Officer at Coinbase, Paul Grewal, the appeals from various sources seemingly have witnessed an unprecedented jump over the past year. His counting has actually more than doubled, to be precise.
He pins this on their overall expansion and widening of operations, along with the important factor of a noticeable escalation in all connected and relevant matters of law enforcement and basic interest in regulatory issues. However, he does not hesitate to connect it all with matters related to the current situation where the crypto industry is concerned.
Grewal, however, states that they have a responsibility and obligation to answer all valid legal requests under the applicable laws and financial regulations.