Coinbase Stock Hit 18-Month Highs
28 Nov, 2023 ● Crypto News
After competitor crypto exchange Binance and its former CEO Changpeng "CZ" Zhao entered guilty pleas to charges of money laundering and violating US sanctions, Coinbase's stock reached an 18-month high.
According to TradingView data, Coinbase stock closed at $119.77 on November 27, which was the highest since May 5, 2022, when it closed at $114.25. There hasn't been much activity in trading after hours.
The increase in Coinbase's stock price occurs just under a week after Binance and its founder, CZ, entered a guilty plea to charges of money laundering, breaking US sanctions, and operating an unlicensed money-transmitting enterprise.
In exchange for Binance agreeing to up to five years of compliance monitoring by the US Justice and Treasury departments and Zhao resigning as CEO, the two parties reached a $4.3 billion settlement with the US government.
Additionally, Coinbase has made a sizable profit over the last year from soon-to-be-approved U.S. spot Bitcoin and Ether exchange-traded funds (ETFs).
Coinbase is custodian to 13 of the 19 spot crypto ETFs that are pending with the U.S. Securities and Exchange Commission (SEC), according to analysis from Bloomberg ETF analyst James Seyffart.
The SEC has filed a lawsuit against Coinbase, claiming that the exchange failed to register with them and listed multiple tokens that were illegal under US securities laws.
Coinbase contested the SEC's jurisdiction over cryptocurrency and sought to have the lawsuit dismissed.
Sources:
https://cointelegraph.com/news/coinbase-stock-share-price-high-binance-plead-guilty-charges
