The Crypto Exchange Coinbase based on San Francisco announces a collaborative work with the Drug Enforcement Administration (DEA) and the United States Internal Revenue Service (IRS). Coinbase along with companies such as Chainalysis, Elliptic, CipherTrace takes part in an alliance of companies opposing the use of cryptocurrencies to buy illegal goods and substances.
The crypto exchange creates a cloud blockchain platform to track the movement of cryptocurrencies and find out the data of the recipient of the crypto transaction. A blockchain tool called Coinbase Analytics is being developed to prevent drug trafficking, money laundering, and reduce the use of cryptocurrencies on the darknet. Specialists from Coinbase Consumer, Coinbase Pro, Coinbase Custody are involved to develop this tool. At this stage, the development of the blockchain tool is estimated at approximately $250,000.
According to the report of the Drug Enforcement Administration, the blockchain platform Coinbase Analytics includes conservative heuristic methods that help to accurately track the movement of cryptocurrencies. Also, in its analytical report, the company Crystal notes that bitcoin is the most popular means of payment on the Darknet.