Coinbase 2025 Transparency Report: Global Data Requests Surge 19%, Signaling Institutional Crypto Engagement

On January 3, 2026, Coinbase, a leading cryptocurrency exchange, released its 2025 Transparency Report, revealing a significant 19% year-over-year increase in government data requests, which totaled 12,716. This surge is interpreted not as a sign of heightened regulatory pressure but rather as evidence of deepening institutional engagement with the cryptocurrency ecosystem worldwide. A notable shift highlighted in the report is the geographic distribution of these requests, with 53% now originating from outside the United States, underscoring the accelerating pace of global cryptocurrency adoption. Coinbase positions this commitment to transparency as a fundamental pillar for building and maintaining trust within the digital asset industry. The report provides critical insights into how law enforcement and regulatory bodies across the globe are increasingly interacting with crypto platforms, reflecting the sector's maturation and integration into the broader financial landscape. For market participants, this trend validates the growing institutional footprint in crypto, suggesting a move beyond speculative retail trading towards more formalized, cross-border financial activity. The data points to a world where digital assets are becoming a normalized component of the global financial system, necessitating robust compliance frameworks and transparent operations from major exchanges like Coinbase. This development is broadly bullish for the sector, as it indicates recognition and engagement from established institutions and governments, paving the way for further innovation and stability in the market.

Coinbase Releases 2025 Transparency Report Amid Rising Global Data Requests

Coinbase's 2025 Transparency Report reveals a 19% increase in government data requests, totaling 12,716 over the past year. The surge reflects broader institutional engagement with crypto rather than regulatory pressure, with 53% of requests now originating outside the U.S.

The report underscores transparency as a cornerstone of trust in crypto exchanges. Geographic trends show accelerating global adoption, while Coinbase's privacy-first review process demonstrates its commitment to user protection amidst expanding regulatory scrutiny.

Coinbase Faces Backlash Over Base Ecosystem Support and Token Listings

Coinbase confronts mounting criticism from crypto developers and traders, who accuse the exchange of misaligned priorities in its support for projects built on Base, its ethereum layer-2 network. The backlash centers on perceived gaps between the company’s public commitments to decentralization and its operational decisions.

Critics highlight delayed token listings on Base, followed by what they describe as a wave of low-quality additions. A trader under the pseudonym rbthreek amplified these concerns on social media, citing Coinbase’s year-long reluctance to list Base-native tokens before what they characterize as a poorly executed rollout.

The controversy reflects broader tensions in crypto infrastructure development, where corporate entities balance ecosystem growth with commercial imperatives. Market participants now scrutinize whether Coinbase’s actions will match its rhetoric around supporting decentralized innovation.

Dexter Surpasses Coinbase in x402 Transaction Market Share

Dexter has overtaken Coinbase as the leading facilitator of x402 transactions, capturing roughly half of all daily volume since mid-December. Coinbase's share has dwindled to between 25% and 33%, according to Dune Analytics data. The shift marks a dramatic reversal from earlier in the year, when Coinbase commanded 60-70% of the market.

PayAI and DayDreams have emerged as secondary players, jointly accounting for up to 30% of remaining transactions on peak days. All four platforms have now processed over 10 million x402 transactions cumulatively.

The overall x402 transaction volume has grown exponentially since October, with daily counts surging from negligible levels to recurrent peaks exceeding 2 million by mid-November. Late November saw single-day spikes approaching 3 million transactions.

Coinbase to Launch All-in-One Exchange for Crypto, Stocks, and Commodities by 2026

Coinbase CEO Brian Armstrong has unveiled ambitious plans to transform the platform into an "Everything Exchange" by 2026, integrating cryptocurrencies, equities, commodities, and prediction markets across spot, futures, and options products. The MOVE signals a direct challenge to traditional brokerages while expanding Coinbase's reach beyond digital assets into tokenized securities and event-driven markets.

Armstrong outlined three Core priorities in a strategic vision shared on social media: global expansion of the unified exchange, scaling stablecoin payments infrastructure, and accelerating onchain adoption through Coinbase's developer tools and Base blockchain network. "Our goal is to make Coinbase the #1 financial app in the world," Armstrong declared, emphasizing significant investments in product automation and quality control to support this growth.

The exchange has already made strategic moves into prediction markets through a partnership with CFTC-regulated platform Kalshi, capitalizing on billions in recent trading volume for event-based contracts. This development positions Coinbase at the intersection of decentralized finance and traditional market infrastructure as regulatory clarity around tokenized assets improves.