Coinbase’s layer-2 network may also follow AML measures: Report

Base blockchain may include all those features which are necessary for any crypto network to keep the bad actors away. 

Coinbase is a Nasdaq-listed public crypto company. By 24 hours of crypto trade volume on the Coinbase exchange, this company ranked at the first position in the US crypto sector. In Feb 2022, Coinbase announced its Layer-2 blockchain network “Base”. 

2.23.23 pic.twitter.com/DRvvBS5y9v

— Coinbase (@coinbase) February 22, 2023

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On 6 March 2023, Brian Armstrong, the CEO & co-founder of the Coinbase exchange, appeared in an interview with Bloomberg. 

Coinbase CEO said that Base will include some centralized features and from time to time, it will move toward a more decentralized nature.

Brian noted that centralized bodies in the crypto sector have the responsibility to track & detect suspicious activity in the crypto sector to prohibit misuse of cryptocurrencies.

“I think that the centralized actors are the ones that are probably going to have the most responsibility to avoid money laundering issues and having transaction monitoring programs and things like that,” Coinbase CEO said.

A popular Crypto decentralization advocate Chris Blec also quoted the statements passed by Coinbase’s CEO about the centralized nature of the Base blockchain.

Odd Lots @TheStalwart directly asked @coinbase CEO @brian_armstrong how CB will navigate KYC/AML obligations on @BuildOnBase.

Armstrong tap danced around an answer. In the last 10 seconds he hints there WILL be some sort of KYC at launch.

Wish Joe had pressed for more clarity. pic.twitter.com/Q4TBV5MbS0

— Chris Blec (@ChrisBlec) March 6, 2023

The Coinbase team failed to confirm or deny whether Base would be implementing KYC and AML measures but Blec dragged Base blockchain on the radar of critics on by taking example of the revolution of the Defi sector, which is centralized despite the origin of Defi was focused on decentralizated crypto trading concept.

Blec said:

“Isn’t it ironic that ‘DeFi’ is heading toward being controlled by the entities that it was originally supposed to be battling?”

Read also: Belgian Central Bank notes crypto 2022 turbulence failed to impact TradFi

Coinbase’s layer-2 network may also follow AML measures: Report

 

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