Coinbase technology partner denies collecting, selling customer data

05 Mar, 2019
by Richard Allen
Coinbase technology partner denies collecting, selling customer data

Elliptic, a London-based blockchain analytics firm providing services to major US exchange Coinbase has responded to the recent allegations that it’s collected and sold customer data to third parties.

In an official statement released by Elliptic’s CEO James Smith, the firm states that it has never engaged in such activities, stating, “We do not support or enable the violation of any individual’s financial privacy.”

As previously reported, the accusations began circulating when a Coinbase executive attempted to justify the controversial acquisition of Neutrino, stating that their existing technological provider had been collecting and selling Coinbase users’ private data to third parties.

Read more: Coinbase admits that the previous third-party provider sold client data

Although the Coinbase executive didn’t single out Elliptic, Smith categorically denies these allegations, stating that the comments “fundamentally misunderstand the data we analyze, the insight we share with our clients, and the role we play in the industry.”

He added: “Our exchange clients, including Coinbase, do not provide us with any personally identifiable information about their users. Our clients use our solutions to screen specific transactions for risk. We do not require or request any transaction data that we can link to individuals, and do not have any other client information such as names, addresses or social security numbers.”

In the interest of transparency, a FAQ section has been included in the statement that outlines Ecliptic's services and the type of information it has access to.

Coinbase has recently announced that, in response to community backlash regarding the Neutrino acquisition, staff that had any affiliation with Haacking Team have been asked to leave.

Read more: Coinbase CEO: Ex-Hacking Team members "will transition out of Coinbase"; Coinbase removing Neutrino execs: "Last minute attempts to save face"

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Read more about: Coinbase


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