Crazy Number of Subpoenas Shows Why Crypto Exchanges are Fleeing the US

A new report released by major crypto exchange ShapeShift revealed that it had received 18 subpoena requests from U.S. authorities in 2018. Despite being based in Switzerland, the U.S. government filed 30 percent of all requests ShapeShift received last year.

Earlier this month, Kraken, another leading crypto exchange, released its transparency report. The firm revealed that more than 66 percent of the requests were filed by the U.S. government.

The company emphasized that only 20 percent of its user base is composed of investors based in the U.S. and the rest are based in Europe.

“US is about 1/5 of clients but 2/3 of requests. US agencies are much more active and are much less surgical. For many requests, we have no matches. It wouldn’t be surprising to find that the same subpoenas go out to everyone in the hopes that a match will be found,” Kraken said.


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