US EditionCoinbase (COIN) Probed by SEC Over User Number Misstatement Concern
- The SEC is investigating Coinbase over allegations that it misstated its user numbers starting from filings made during its 2021 public offering.
- This probe began under the Biden administration's SEC and has persisted under the more crypto-friendly Trump-era leadership, despite Coinbase stopping the metric's use two and a half years ago.
- Coinbase claimed more than 100 million verified users, counting anyone who verified an email or phone, which may overstate active unique customers compared to the current monthly transacting user metric.
- Coinbase shares fell about 6% after the SEC probe news emerged alongside a cyberattack that compromised user data, with potential costs estimated between $180 million and $400 million.
- Coinbase maintains its commitment to resolving the SEC matter and aims to grow globally, with CEO Brian Armstrong targeting to become a top financial services app within 5 to 10 years.
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Coinbase (COIN) Probed by SEC Over User Number Misstatement Concern
The SEC has been investigating crypto exchange Coinbase (COIN) over whether it misstated its user numbers in past securities filings and marketing materials. The probe began under the former presidential administration while the SEC was still under the control of then-Chair Gary Gensler, according to the NYT, which first reported the story, but has persisted under the SEC’s current, crypto-friendly leadership.The metric at the heart of the inves…
·Manila, Philippines
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Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
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