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Cryptocurrency News 11 months ago
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Coinbase Shares Hit 18-Month High Following Binance's Legal Settlement with U.S. Authorities

Algoine News
Summary:
Coinbase shares have peaked at an 18-month high, aided by competitor Binance and its former CEO, Changpeng Zhao, pleading guilty to money laundering and sanctions breaches. While enjoying a year-to-date rise of approximately 256.5%, Coinbase is still 65% below its all-time peak. This surge occurred a week after Binance and its former CEO settled with U.S. authorities for $4.3 billion. Coinbase has also benefited from the forthcoming approval of U.S. Bitcoin and Ether exchange-traded funds (ETFs) but faces a lawsuit from the SEC for alleged violations.
Shares of digital currency exchange Coinbase (COIN) have peaked at an 18-month high following a guilty plea for money laundering and sanctions offences from competing platform Binance and its previous CEO, Changpeng Zhao, in the U.S. The shares of Coinbase reached $119.77 on November 27, marking their tallest point since a close at $114.25 on May 5, 2022, as per TradingView information. The stock has remained relatively stable in the post-market trade. This rise has taken the year-to-date appreciation of Coinbase shares to roughly 256.5%, though it still lags by 65% from its ultimate peak of almost $343 on November 12, 2021. The stock surge for Coinbase occurred about a week after Binance and Changpeng "CZ" Zhao admitted to money laundering, breaking U.S. sanctions, and operating an unauthorized money-transmitting enterprise. The pair resolved their disputes with the U.S. by agreeing to payments totalling $4.3 billion, encompassing Zhao's resignation from the CEO position and Binance's acceptance of DOJ and Treasury compliance monitors for a maximum of five years. Over the last year, Coinbase has also profited considerably from the forthcoming approval of U.S. spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs). A study from Bloomberg ETF expert James Seyffart showed that Coinbase is the custodian for 13 out of the 19 spot crypto ETFs currently awaiting SEC approval. Of the 19 pending crypto funds, 70% are guarded by Coinbase. That being said, Coinbase is also dealing with a lawsuit from the SEC alleging that the exchange failed to register and offered several tokens contradicting U.S. securities laws. Despite this, Coinbase has endeavoured to repudiate the lawsuit and challenged the SEC's authority to govern the crypto industry.

Published At

11/27/2023 11:53:32 PM

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