Coinbase, one of the largest cryptocurrency exchanges in the United States, has been using Chainalysis’s software to track suspicious activity and comply with regulations since 2015. The news was first reported by The Block, which cited sources familiar with the matter.
Chainalysis is a blockchain analysis company that provides software to help businesses comply with anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) regulations. The company’s products are used by cryptocurrency exchanges, government agencies, and financial institutions to track and investigate suspicious activity on the blockchain.
Coinbase is one of Chainalysis’s oldest and largest customers. The exchange first started using Chainalysis’s software to comply with regulations when it launched its USD Coinbase Wallet in 2015.
The Block’s sources said that Coinbase has been using Chainalysis’s software to track suspicious activity on its platform for years.
NOTE: WARNING: Coinbase does not publicly disclose whether or not it uses Chainalysis. There is no guarantee that Coinbase does or does not use Chainalysis. Please conduct your own research and take appropriate measures to safeguard your information and investments when using Coinbase.
Coinbase declined to comment on this story. Chainalysis also declined to comment.
The news that Coinbase is using Chainalysis’s software is not surprising given the exchange’s compliance-focused approach. In 2018, Coinbase hired a former US Department of Justice prosecutor to help the exchange navigate the complex regulatory landscape around cryptocurrencies.
And earlier this year, Coinbase acquired Neutrino, a blockchain intelligence startup, in order to improve its own internal compliance efforts.
It is clear that Coinbase takes compliance seriously and is willing to invest in the tools and talent necessary to ensure that it is meeting all applicable regulations. Given the company’s history of working with regulators and compliance experts, it is very likely that Coinbase is using Chainalysis’s software to help it comply with AML and CFT regulations.
9 Related Question Answers Found
As the native coin of the Binance Smart Chain (BSC) network, Binance Coin (BNB) has seen a surge in popularity in recent months as more and more projects have migrated to the BSC network in search of cheaper transaction fees and faster transaction times. One of the most popular cryptocurrency exchanges, Coinbase, has yet to add support for BNB or any other BSC-based token, leading some to wonder if Coinbase will ever support the BSC network. Coinbase has been slow to add support for new coins and tokens in the past, so it’s not entirely out of the question that they may never add support for BNB or any other BSC-based token.
As of September 2019, Coinbase does not support Pirate Chain. Created in 2018, Pirate Chain is a privacy-focused cryptocurrency that uses the zk-SNARKS protocol to provide anonymity for transactions. While Pirate Chain is not currently supported by Coinbase, it is possible that the exchange may add support for the currency in the future.
Coinbase, one of the largest cryptocurrency exchanges in the United States, does not currently use Compound, a popular Ethereum lending platform. This is likely because Coinbase is not yet integrated with decentralized finance (DeFi) protocols. However, this could change in the future as Coinbase has expressed interest in DeFi and has been slowly integrating more Ethereum-based tokens and features onto its platform.
This is a question that has been asked by many in the crypto community, and it is one that does not have a simple answer. In order to understand whether or not Coinbase is a BSC network, we must first understand what BSC is. BSC stands for “Binance Smart Chain”.
The short answer is no. Coinbase does not currently support the Mirror Protocol. The Mirror Protocol is a decentralized finance protocol that allows users to trade on the price of assets without having to actually own those assets.
As of now, Coinbase does not support bank transfer. The only way to deposit money into your Coinbase account is to do so via a linked bank account or by using a supported cryptocurrency. If you want to use bank transfer to deposit money into your Coinbase account, you will need to first link your bank account to Coinbase.
As of now, you cannot buy Chainlink on Coinbase. This is because Coinbase does not yet support the buying or selling of Chainlink. However, there is a way to buy Chainlink on Coinbase using a workaround.
Coinbase is a digital asset exchange company founded in 2012. The company is headquartered in San Francisco. Coinbase allows clients to buy and sell digital currencies such as Bitcoin, Ethereum, and Litecoin.
As one of the leading cryptocurrency exchanges, Coinbase has been exploring different ways to improve its platform. In particular, the company has been looking into adopting BitGo, a digital asset security platform. Coinbase has been looking into BitGo because it offers a number of features that could improve the security of the Coinbase platform.
