{"id":14874,"date":"2024-07-02T11:03:16","date_gmt":"2024-07-02T08:03:16","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-to-serve-as-custodian-for-seized-bitcoins-by-u-s-marshals\/"},"modified":"2024-07-02T11:03:16","modified_gmt":"2024-07-02T08:03:16","slug":"coinbase-to-serve-as-custodian-for-seized-bitcoins-by-u-s-marshals","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-to-serve-as-custodian-for-seized-bitcoins-by-u-s-marshals\/","title":{"rendered":"Coinbase to Serve as Custodian for Seized Bitcoins by U.S. Marshals"},"content":{"rendered":"<p>The U.S. Marshals Service (USMS) has selected Coinbase Prime to provide custody and liquidation services for high-capitalization cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Just announced: the U.S. Marshals Service selects Coinbase Prime to provide custody and advanced trading services for its large cap digital assets portfolio.<\/p>\n<p>Read more about this partnership \u2193<a href=\"https:\/\/t.co\/6CCTz1EGQj\">https:\/\/t.co\/6CCTz1EGQj<\/a> <a href=\"https:\/\/t.co\/zM4R0giDrY\">pic.twitter.com\/zM4R0giDrY<\/a><\/p>\n<p>\u2014 Coinbase Institutional ?\ufe0f (@CoinbaseInsto) <a href=\"https:\/\/twitter.com\/CoinbaseInsto\/status\/1807796458189378013?ref_src=twsrc%5Etfw\">July 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;USMS conducted a competitive process, evaluating various solutions, and ultimately chose Coinbase due to our strong reputation and ability to securely provide institutional-level cryptocurrency services at scale,&#8221; the exchange stated.<\/p>\n<\/blockquote>\n<p>In its <a href=\"https:\/\/sam.gov\/opp\/c7ce250733cf4d5c9ccd072adde93acb\/view\">application<\/a>, the agency warned applicants of several requirements for &#8220;managing and disposing of large volumes of popular crypto assets&#8221; under confiscation programs.<\/p>\n<p>Under the terms, USMS awards the contract to the winner for five years, with an option to extend for six months. According to <a href=\"https:\/\/www.theblock.co\/post\/302924\/us-marshals-service-picks-coinbase-to-custody-its-assets-as-part-of-a-32-5-million-contract\">The Block<\/a>, the platform will earn $32.5 million for providing services to the government agency.<\/p>\n<p>Coinbase noted that it has been collaborating with law enforcement since launching its compliance program in 2014.<\/p>\n<p>Representatives of the exchange also emphasized that in nearly three years of operation, Coinbase Prime has become the &#8220;preferred choice&#8221; for institutions and large digital asset holders, including issuers of most spot crypto ETFs.<\/p>\n<p>As of March 31, Coinbase held virtual currencies totaling $330 billion.<\/p>\n<p>Back in June 2023, the exchange found itself in a legal battle with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, which filed a lawsuit with several allegations against it.<\/p>\n<p>Coinbase, in turn, sued the Commission, as well as the <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span>, for attempts to &#8220;cut off&#8221; the crypto industry from the banking sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Marshals Service (USMS) has selected Coinbase Prime to provide custody and liquidation services for high-capitalization cryptocurrencies. Just announced: the U.S. Marshals Service selects Coinbase Prime to provide custody and advanced trading services for its large cap digital assets portfolio. Read more about this partnership \u2193https:\/\/t.co\/6CCTz1EGQj pic.twitter.com\/zM4R0giDrY \u2014 Coinbase Institutional ?\ufe0f (@CoinbaseInsto) July 1, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1172,26,1613],"class_list":["post-14874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-seized-bitcoins","tag-usa","tag-usms"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14874"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14873"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}