Google to update legal compliance following data loss from criminal crypto exchanges

The operator of the search engine Google has agreed to improve its legal compliance process following its historic settlement with the Justice Department in 2016 for failing to provide data about the now-defunct crypto exchange BTC-e.

Fast facts

  • The DOJ said in a press release Tuesday that Google agreed to “reform and upgrade its legal process compliance program” to ensure timely and complete responses to subpoenas and search warrants.
  • A third-party, independent compliance professional will also be retained to ensure Google complies with its commitments. To track the progress of the company, the company must also file reports every six months.
  • In 2017 the FBI shut down BTC-e for alleged money laundering after handling an estimated US$9 billion between 2011 and 2017.
  • According to Google, the DOJ’s 2016 search warrant could only be executed for data held on U.S. soil, whereas Google’s global footprint made it unclear exactly what data it was required to provide.
  • As Google struggled to compete with social media platform TikTok, the media giant reported earnings of US$69 billion for Q3 on Tuesday. Shares of the company fell 5% after hours.

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