Nick Szabo  🔑

My thought would be that my financial information is at least scrubbed if they are selling it, not literally my personal information to anyone.

Why do you expect this? It's much more useful if has specific identifying information that can be linked to your other online activities.

Working on banking software before as well as Healthcare it's pretty common practice to scrub names from the data to prevent it from being identifying. If they are selling it for the personally identifiable information I would assume that is illegal in us / uk at least.

It depends who is receiving the data. In some cases they are legally required to share the information. But the bigger problem is it's trivially easy to copy such information and, especially once shared even a little, a game of whack-a-mole to try to prevent further sharing.

True however these banking companies are audited for breaches so the company who breached would be responsible to disclose. These companies should be held to the same legal standards and likely are in breach and if so they should be held legally responsible as well.

In which jurisdictions? And which companies in the crypto space are under and religiously follow these regulations?

US and UK at least. Where coinbase is based.

Are they covered by the same regulations as banks there? And do said regulations in both places actually required that all transfers, including those to government agencies that they are legally required to make, be disclosed in a short period of time to the public?

I think a reasonable person would expect information to not be shared other than as disclosed a-priori, and as required to conduct business. And for external access: for reasonable efforts to screen requests for legal authority and rationale for access.

I know many people think that is a reasonable expectation, but in fact it certainly is not.

P.S. take a shot at answering the question, which centralized entity that collects KYC/AML info in this space are you highly confident is much less likely to share it, whether accidentally or intentionally, than Coinbase?

@CashApp

Based on what evidence? Have you compared CashApp's internal data control processes, policies, and security mechanisms with Coinbase's (n.b. they are both based in San Francisco, i.e. same jurisdiction, very similar professional and cultural backgrounds).

I have not & do not believe that this info or access would b available 2 either @CashApp or @coinbase customers. If it was I would like 2 review it; given the amount of services @Square provides without any reports of a data breach imo they r less likely 2 share ur info then CB.

Therefore the most honest thing for you and 99.9% of other people in this space not privy to this knowledge is to withold strong opinions about the relative merits of CashApp, Coinbase, and any other parties trusted with KYC/AML info in this space, to protect such information.

Question is for you (plural) = any reader who is surprised by Coinbase's behavior or thinks anybody else in the space is inherently far more reliable as a trusted third party.

there's no point in collecting it if you aren't selling/ sharing it.