- #DeleteCoinbase has been trending across twitter over recent revelation related to Coinbase analytics.
- Close to $200 million is on the brink of being withdrawn by Coinbase users for its latest regulations and policies.
The pandemic and lockdowns in various parts of the world have caused trading volumes to soar in contrast with ‘delete coinbase,’ which has been trending across social media platforms.
— Gigi (@dergigi) June 6, 2020
Users Unhappy With Plans of Government Intervention
Privacy is to cryptocurrency traders what beta is to portfolio managers. It is the USP and the most sacred part of why people trade in digital currencies. Users across the world are sure that their money and data will be safe with the help of blockchain-backed financial technology. However, traders and crypto community believes that it is on the verge of being compromised as the US-based cryptocurrency exchange, Coinbase, plans to sell user data to Internal Revenue Service (IRS) and Drug Enforcement Agency (DEA). Enraged. Exasperated. Infuriated. That’s what traders are going through at this moment.
As reported by Forbes, Close to $200 million is on the brink of being withdrawn by Coinbase users for its latest regulations and policies. Additionally, regular outages have locked a number of them out of their accounts.
Coinbase Analytics May Help Curb and Control Cybercrimes
In its bid to nab criminals and protect citizens from online fraud, the US government plans to enhance its enforcement capabilities in the artificial technology field as well. Blockchain does not disclose the parties involved in a transaction, unlike a credit card, but the officials in the US organization have differing views. Besides, there are second thoughts from the crypto world that government intervention is necessary to thrive in this modern world.
The crypto exchanges have seen a lot of vulnerability in terms of volatility and demand. Volatile periods have seen major changes in terms of volume traded, and with new supervision, in place, it might be difficult to keep pace with the numbers.