Coinbase was recently in the spotlight when the platform has been accused a lot of deliberately stopping the platform when Bitcoin goes up or drops in price.
A lot of analysts have blamed the crypto exchange for making these moves on purpose, and they used to say that Coinbase blacking out is more of a feature than a mistake/outage.
Last month, the exchange addressed the cause for these blackouts.
Brian Armstrong addresses selling blockchain analytics software
The online publication the Daily Hodl reported that Coinbase founder and CEO Brian Armstrong said that he wants to set some things straight regarding the reason for which his company is selling blockchain analytics software to the US government.
Armstrong addressed the issue on Twitter:
Have seen a few articles talking about Coinbase Analytics – figured I would share my thoughts on it, since I don’t think it’s particularly newsworthy – and lots of conjecture out there.
— Brian Armstrong (@brian_armstrong) July 12, 2020
He continued and explained:
Exchanges that maintain connections into the existing financial system (i.e. ability to connect your bank account, do wires, etc so you can convert fiat to crypto) need to follow AML laws, and this often includes utilizing blockchain analytics software for transaction monitoring.
— Brian Armstrong (@brian_armstrong) July 12, 2020
Armstrong also said that “Especially if you want more fiat in the world to flow into crypto over time (as I do). Blockchain analytics software is essentially just compiling publicly available data that is already out there on the blockchain, trying to organize it to make it more useful.”
We recommend that you check out the complete thread on Twitter.
He also addressed the importance of privacy coins:
If people want true privacy, that is what privacy coins are for. I’m a fan of privacy coins because I think everyone should have more financial privacy. It will be similar to how the internet moved from HTTP to HTTPS over time. https://t.co/jWAhyhZiJH
— Brian Armstrong (@brian_armstrong) July 12, 2020
Privacy coins have been gaining popularity for the past years.
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