US Agencies Lead Data Requests, FBI on Top
Kraken, a major US-based cryptocurrency exchange, has revealed a sharp rise in law enforcement and regulatory data requests in its latest transparency report. The number of requests increased by 38.6% in 2024 compared to the previous year, reaching a total of 6,826 requests. Notably, US agencies accounted for 28.6% of all inquiries, with the Federal Bureau of Investigation (FBI) leading the charge with 614 requests.
SEC Among Top Regulatory Requesters
While law enforcement agencies were the primary requesters, regulatory bodies also played a significant role. The US Securities and Exchange Commission (SEC) made up just 1.9% of total US agency requests but was responsible for 37.3% of all regulatory requests worldwide. The increased interest from the SEC indicates growing regulatory concerns surrounding cryptocurrency platforms.
Global Trends in Data Requests
Kraken’s transparency report highlights the broader global landscape of regulatory scrutiny. Out of the 6,826 total requests, data was provided for 57%. The majority of these requests targeted accounts based in the US (34.5%), followed by the UK (8.8%) and Germany (8.5%). Requests from France, Spain, and Australia also contributed significantly to the overall volume.
Coinbase Reports a Decline in Requests
In contrast to Kraken’s increase in requests, Coinbase, another leading crypto exchange, reported a decline. According to its December transparency report, Coinbase received 10,707 requests in 2024, marking an 18% decrease from 2023. Despite the overall drop, US law enforcement remained the dominant requester, accounting for 81% of all requests received by the exchange.
Regional Trends: Germany Down, Singapore Up
Germany, historically one of the top sources of data requests, saw a significant drop from 1,906 in 2023 to 1,269 in 2024. Meanwhile, Singapore experienced a sharp surge, with requests increasing by 221%, rising from 34 in 2023 to 109 in 2024. The spike in Singaporean requests suggests heightened interest from authorities in the region.
Kraken’s latest report highlights the growing scrutiny from law enforcement and regulatory agencies worldwide. As cryptocurrency adoption continues to expand, exchanges are likely to face increasing compliance demands, reflecting the evolving regulatory landscape of digital assets.
