Cryptocurrency exchange Coinbase has updated its user agreement for its non-United States users. The most notable part of the user agreement is that the exchange has updated its policies, regarding providing information to third parties.
In the agreement it says, “You may change or remove permissions granted by you to third parties with respect to your Coinbase Account(s) at any time through the tabs on the ‘Settings’ page on the Site.” However, it is very clear about retaining information that is provided to the exchange by the users and using them at their own discretion.
In a statement that brooks no loophole, the exchange says, “You authorise us to make enquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these enquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our enquiries in full. This is an identity check only and should have no adverse effect on your credit rating. Additionally, we may require you to wait some amount of time after completion of a transaction before permitting you to use further Coinbase Services and/or before permitting you to engage in transactions beyond certain volume limits.”
Coinbase, in the past, has not had some great moments. Last year, a few users had reported the exchange to the Securities and Exchange Commission (SEC) for withholding their funds. At the time the exchange had said, “In 2017, the cryptocurrency space experienced a profound uptick in mainstream awareness and growth. As part of that, consumer demand for our services increased by 40x and we experienced transaction volumes in November and December of that year that grew by 295 percent.”
Earlier this year, Coinbase courted controversy when it acquired Neutrino. Following severe backlash, the exchange reported whoever had been working with the start up Hacking Team, which was under Neutrino, would be phased out.
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