Coinbase Providers Selling Client Data to Outside Sources
Coinbase Providers were selling the client confidential data to outside sources, says Sales Director; Explains why XRP.
The coinbase which is one of the most leading cryptocurrency exchange in the United States is now on the trending topics of cryptocurrency space. With the controversy around the platform Neutrino acquisition, and XRP listing, The latest prediction made by the Director of Institutional Sales, Christine Sandler has added more drive to the #DeleteCoinbase movement.
In the interview with Cheddar, Sandler talks about the platform’s decision to list XRP, the third largest cryptocurrency, despite the speculation over the coin being classified as the security in the future.
She has also revealed the reason behind acquiring Neutrino, a blockchain analytics start-up.
The news about Coinbase has created various buzz in the online community, Moreover, this news was followed with allegations of insider trading.
Sandler Says “There was ground set of interest” In adding the Third Largest Cryptocurrency To This Platform, On The Reason Behind Listing XRP, She Said:
“I think there was some speculation that the asset would be classified as a security or not; we’re not securities lawyers. We felt that there was some speculation that the asset would be classified as a security or not. We felt that there were compelling arguments on either side to deem it a security or not.”
Christine Sandler said:
“We acquired a broker dealer late this summer, Keystone. That allows us to have that infrastructure, so to the extent that it actually is classified as a security, we will be prepared for that. But in lieu of that we thought we could add it to the platform because at the end of the day, we felt that there were really strong arguments on either side.”
“Our current providers were actually selling our client data to outside sources and it was really compelling for us to kind of get control over that and have proprietary technology that we could leverage on to keep the data safe and to protect our clients.”
Founder of Adamant Capital, Tuur Demeester said on Twitter:
@Coinbase. – Was customer privacy breached? (or only aggregate data) – How long have you known? – Did previous tracking providers break contract? (why no lawsuit yet) – How is this an argument explaining acqui-hire of unethical people?”
@BTCismoney, a Twitterati said:
“What a pathetic response from coinbase. “We know we hired criminals, but not to worry, they have good tech.” This is what happens when you hire nocoiner losers to fill your company ranks. So out of touch it’s hilarious.
Ate-too-many-humans, a Redditor said:
“Once Binance offers purchases from banks its over for Coinbase #deletecoinbase”
Louis Liu B, another Twitterati said:
#deletecoinbase movement is a great warning to any crypto company that doesn’t value customers’ privacy. These are not Facebook people. They are very sensitive to privacy.