Former NSA Officer Edward Snowden Criticizes Coinbase for Supporting Crypto Regulation

Former NSA officer Edward Snowden has said that Coinbase’s over-commitment to compliance with regulations is hindering the development of the digital asset industry. He said:

“You don’t even make lawn mowers, you sell them, but great, you popularized the lawn mower – they are important and have value. But when I buy a lawnmower, no one asks me for a passport and a face scan.”

He believes Coinbase puts compliance ahead of customer privacy, which is considered a fundamental concept of cryptocurrencies.

The exNSA employee has added that countering money laundering is the job of the police, not the trading platforms. He has also called the KYC procedure a hurdle in the crypto industry.