Coinbase published a fragment of its response to the request of the Attorney General of New York, Eric Schneiderman.This is reported by Coindesk.
We applaud the [Office of the Attorney General] for taking action to bring further transparency to the virtual currency markets.
Chief Legal, Coinbase
In April, Schneiderman's department sent 13 exchanges, including Coinbase, a questionnaire for "data collection." The Office is interested in a wide range of information - leadership, financing, terms of service, privacy protocols, relationships with other financial institutions and the use of trading "bots".
In the public version of the letter, Lempres spoke about assets (totaling $ 150 billion), financing ($ 225 million to date), financial position ("profitable and sustainable business") and staff (more than 300 employees, together with contractors - 1000) of the Coinbase exchange .
The letter also talks about Coinbase's cooperation with law enforcement agencies and regulatory agencies around the world, its "masterpiece" cybersecurity program and recent improvements to the system, thanks to which, according to Lempres, in April, the useful work time of the platform was raised to 99.99%.
In addition, the letter says that Coinbase is a monetary service regulated at the federal level, because exchange received regulatory licenses in 31 US states, including New York's BitLicense. The letter notes that this license provides for "significant supervision by regulators".
However, the full version of the letter is likely to remain out of the public eye.
Lempres asked for "confidential treatment" with the full response that the exchange sent "via an encrypted end-to-end secure file exchange service consistent with our security protocol."
That full response has a bunch of highly confidential information that we are unable to share publicly. Our aim is to be as transparent as we can in responding to this action publicly so we shared the cover letter.
VP of communications, Coinbase
Most exchanges favored the request of the New York general attorney's office, but Kraken, who left New York because of BitLicense, demonstratively refused to cooperate with regulators.