Genuinely not trying to fear monger, but as a concerned customer it would be great if @coinbase could provide clarity around the statement from one of their reps that their analytics provider sold client data to 3rd parties.
Paging @brian_armstrong.https://cheddar.com/videos/coinbase-adds-support-for-ripple-s-xrp-despite-regulatory-uncertainty …
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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.
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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.
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In which jurisdictions? And which companies in the crypto space are under and religiously follow these regulations?
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US and UK at least. Where coinbase is based.
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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?
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I believe since they accept us deposits and provide financial products they would be but I would definitely need to check further.
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Also worth observing that laws of man are far from laws of nature. Financial companies violate them quite frequently.
End of conversation
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