Coinbase is reportedly selling users’ Geo-location data to ICE through Tracer tools

Nwachukwu Glory  - Tech Expert
Last updated: November 15, 2023
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Coinbase ICE geo location data
  • Coinbase signs a deal with U.S. Homeland Security to disclose user’s transaction and geolocation data to ICE through Tracer tools.
  • The deal will run for three years, and the obligation will reach $1.37 million by 2024.
  • Coinbase denies selling users’ data to ICE, but reveals that access to Tracer tools is to investigate financial crimes such as money laundering and terrorist funding.

One of the unique things about cryptocurrency operations is anonymity. As a result, investors, traders, and participants enjoy transacting without fear of exposure to third parties and government agencies. 

That’s why even scammers or cyber criminals utilize crypto to perpetrate money laundering activities and other financial crimes. Even though exploiting the mechanisms of crypto operations is unacceptable, anonymity is a feature to appreciate.