Major Cryptocurrency Exchange Signs $1.4 Million Deal to Help ICE Track Crypto Exchanges

Anonymity is one of the great advantages of cryptocurrency: unlike real money and conventional financial transactions, crypto is very difficult to track. Not everyone thinks that’s a good thing, of course. In 2018, for example, Bill Gates (opens in a new tab) said crypto’s anonymous nature makes it harder for government agencies to fight criminal activities such as money laundering, tax evasion and terrorist financing. Bitcoin and Ethereum values ​​also took a big hit in 2021 when the EU proposed new cryptocurrency regulations, including banning anonymous crypto wallets. (opens in a new tab)

According to The Interception (opens in a new tab)However, Coinbase, the largest cryptocurrency exchange in North America, has reached an agreement with the U.S. Immigration and Customs Enforcement, known as ICE, which will give the government agency access to a suite of tools used to track and monitor crypto users. identify. The report says the deal began selling a one-time software license in August 2021 for $29,000, then expanded to a second deal worth $1.36 million the following month.

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