Coinbase users withdrew more than 22,500 BTC worth over $200 million from the exchange after it offered to license its analytics platform to the Internal Revenue Service (IRS) and the Drug Enforcement Administration (DEA).
Although the exchange claims that the IRS and DEA “won’t have access to any internal or customer data” the users feel like their privacy might be violated.
The move by Coinbase was criticized by many in the crypto community. Lots of Coinbase customers stopped using the exchange and denounced the exchange with the hashtag BoycottCoinbase.
’It seems like Coinbase is trying to become the Google of crypto, using customer data to make money. Doesn’t impact me, but in light of all this and the fact that it seems to be down every other day (looking at my feed), I have decided to delete my Coinbase account,’ a Twitter user CADawg said.
Privacy among crypto users is considered sacred, and it is one of the main reasons why people use crypto.