US Edition
Coinbase (COIN) Probed by SEC Over User Number Misstatement Concern
- The SEC is investigating Coinbase for possibly misstating its user numbers in securities filings and marketing materials reported since its 2021 public offering.
- The probe began under the Biden administration's SEC and has continued under the more crypto-friendly Trump administration leadership.
- Coinbase reported having more than 100 million verified users, a figure that counts individuals who confirmed their email address or phone number, which may exaggerate the actual number of distinct active customers.
- Paul Grewal, Coinbase's chief legal officer, said the disputed metric was fully disclosed and stopped being reported two and a half years ago, adding the company remains committed to resolving the inquiry.
- As the investigation surfaced, Coinbase shares dropped about 6% amid ongoing pressure from a recent data breach that could cost up to $400 million to remediate.
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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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