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Coinbase Shares in Big ise! After the criminal conviction of Binance and former CEO Changpeng “CZ” Zhao in the United States, the shares of cryptocurrency exchange Coinbase experienced a significant rise.
According to data obtained from TradingView on November 27th, Coinbase shares reached their highest level in 18 months, closing at $119.77. This means it surpassed the closing level of $114.25 seen on May 5, 2022. However, no significant movement was observed in after-hours trading.
The rise is not only due to the penalty imposed on Binance. Coinbase achieved significant success with spot Bitcoin and Ether exchange-traded funds (ETFs) to be approved in the U.S. According to Bloomberg ETF analyst James Seyffart‘s analysis, Coinbase is currently responsible for 13 out of 19 spot crypto ETFs pending at the U.S. Securities and Exchange Commission (SEC).
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However, Coinbase is dealing with a lawsuit alleging that it has not been registered by the SEC and has violated United States securities laws. Coinbase has tried to deny these allegations and has questioned the SEC‘s authority to regulate crypto. Investors continue to closely monitor these developments at Coinbase.
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