Browsing:Coinbase

Coinbase ETH Staking Rewards Payout Temporarily Suspended
12 months ago 1 min read

Coinbase Pauses ETH Staking Reward Withdrawals for Up to Three Days

Coinbase, the largest cryptocurrency exchange in the United States, has temporarily halted the payout of ETH staking rewards. The company said that the suspension is due to a “minor technical issue” and that it expects to resolve the issue within 48-72 hours. ETH staking is a process of locking up ETH tokens in order to participate in the Ethereum network’s proof-of-stake consensus mechanism. Stakers are rewarded with ETH tokens for their participation in the network. Coinbase launched its ETH staking service in November 2020. The service allows users to stake ETH tokens and earn rewards without having to manage their

Coinbase has launched the Coinbase International Exchange
12 months ago 1 min read

Coinbase Launches New Exchange Outside the U.S. Following Regulatory Tussle

Coinbase, the largest cryptocurrency exchange in the U.S., has launched the Coinbase International Exchange, which will be accessible to institutional investors outside the country. The move follows a regulatory dispute with the Securities and Exchange Commission (SEC) over the past few weeks. Institutional investors will be able to trade perpetual Bitcoin and Ethereum futures with leverage of up to 5x. In a blog post announcing the debut of the international exchange, Coinbase said, “As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.” Coinbase

Coinbase Hit with Lawsuit Over Alleged Privacy Violations in Biometrics Collection
12 months ago 1 min read

Coinbase Sued Over Biometrics Collection: Privacy Breach Allegations

Cryptocurrency exchange Coinbase is facing a proposed class-action lawsuit over allegations of violating Illinois biometric privacy laws by collecting and storing customer fingerprints and facial templates. According to a filing in a California District Court by a Coinbase user, the exchange’s requirement for customers to upload pictures of a valid ID and a self-portrait for Know Your Customer (KYC) checks violates certain provisions of the Biometric Information Privacy Act (BIPA) in Illinois. The lawsuit argues that BIPA required Coinbase to obtain permission from users when collecting their biometrics and provide the purpose for collecting such data, how long it would

Coinbase Given Go-Ahead for Offshore Exchange, Launch Date Expected Soon
1 year ago 1 min read

Coinbase’s Offshore Exchange Receives Regulatory Approval, Launch Imminent

Coinbase, the largest cryptocurrency exchange in the United States, has acquired a Class F license from the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act. This new license allows Coinbase to launch an offshore derivatives exchange platform that will permit the trading of perpetual swaps tied to cryptocurrencies. The news has raised speculation on how the crypto exchange will handle the current regulatory scrutiny in the US, especially with its announcement of possible relocation in the region. Coinbase’s Class F license enables the company to engage in various activities, including the sales and issuance of tokens. Additionally, it

Battle Over US Tornado Cash Ban Heats Up as Coinbase Attorney Remains Bullish on Legal Challenge
1 year ago 2 mins read

Coinbase Legal Representative Confident in Defeating US Tornado Cash Ban as Lawsuit Reaches Critical Point

Coinbase’s chief legal officer, Paul Grewal, is confident that the ongoing lawsuit against the U.S. Treasury Department to overturn the ban on using Tornado Cash (TC) will be successful. Grewal recently took to Twitter to express his optimism, stating that “simple but powerful” legal arguments are being made during a crucial moment in the case. The lawsuit was filed by Coinbase in September 2022 after the U.S. Treasury Department added the crypto mixer to the Specifically Designated Nationals and Blocked Persons (SDN) list, which effectively prohibited its use. Coinbase is funding the lawsuit, and the plaintiffs argue that the designation

Coinbase Receives Wells Notice from SEC Over Undisclosed Digital Assets
1 year ago 1 min read

Coinbase Receives Wells Notice from SEC, Could Face Enforcement Action

Coinbase crypto exchange has announced that it has received a Wells Notice from the US Securities and Exchange Commission (SEC). The notice warns that the regulatory body may take enforcement action against the exchange after conducting a brief investigation into undisclosed digital assets listed on Coinbase and its staking services. Despite the notice, Coinbase’s products and services will continue to operate as usual, and the company claims that the SEC has provided little information on the potential violations of securities laws. Coinbase states that it has repeatedly asked the SEC to clarify which assets on its platform may be considered

Coinbase Cuts Ties with Signature Bank’s Signet Network
1 year ago 1 min read

WSJ Reports Coinbase Ends Support for Signature Bank’s Signet Network

On Monday, Coinbase Global (COIN) announced to its clients that it would no longer support Signet, the real-time payments network of Signature Bank that was recently shut down by New York State regulators. According to a report by the Wall Street Journal, Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner. The fate of Signet has been uncertain since Signature Bank was shut down by New York State regulators last weekend, and its assets transferred

This comes amid concerns that Circle, the issuer of USDC, holds some of its cash reserves at Silicon Valley Bank, which was closed by California's financial regulator on Friday.
1 year ago 1 min read

Coinbase and Binance Temporarily Suspend USDC Conversions Amidst Concerns over Dollar Peg Stability

On Friday night, the world’s top cryptocurrency exchanges, Binance and Coinbase, announced that they would temporarily suspend USDC conversions. This comes amid concerns that Circle, the issuer of USDC, holds some of its cash reserves at Silicon Valley Bank, which was closed by California’s financial regulator on Friday. Binance cited “current market conditions” and temporarily suspended the auto-conversion of USDC to BUSD while it monitors the situation. Similarly, Coinbase, the largest cryptocurrency exchange in the US, said it would suspend USDC conversion to USD over the weekend as banks are closed, citing the need for USD transfers from the banks

Coinbase Leaves Customers High and Dry Without Refunds
1 year ago 1 min read

Coinbase Faces Backlash for Failing to Compensate Customers Affected by Security Breach

Coinbase, the largest cryptocurrency exchange in the United States, is currently embroiled in a dispute with a hacking victim over a security breach that led to customer losses. Bloomberg reported on March 7 that the company had refused to take responsibility for the incident or refund the affected account holder. Jared Ferguson, a resident of New York, lost $96,000 in May 2022 and subsequently sued Coinbase. Ferguson claims that Coinbase’s security measures failed to flag “obviously fraudulent and unauthorized transactions,” resulting in his account being drained within eight hours. He received an SMS message from his mobile carrier about a

Coinbase
1 year ago 1 min read

Coinbase Suspends Binance USD Trading Amid Regulatory Investigation

Coinbase, the second-largest cryptocurrency exchange in the world, has announced the suspension of trade in Binance USD (BUSD) as of March 13. The move comes after US regulators began investigating the stablecoin as a possible unregistered security. Coinbase stated that BUSD no longer met their listing standards, prompting the suspension. However, users can still access and withdraw their BUSD after the suspension, as stated by Coinbase on Twitter. BUSD is currently the third largest stablecoin, with a market capitalization of $10.6 billion, according to CoinMarketCap data. Paxos, the firm that owns and operates BUSD, was recently ordered to suspend the

Coinbase and IEX are reportedly in talks to address the underlying problem and create a regulated crypto
1 year ago 1 min read

Coinbase Pursues Plan to Establish Regulated Cryptocurrency Exchange

In the wake of the FTX implosion and the subsequent market crash, the cryptocurrency sector has come under heightened regulatory scrutiny. As a result, Coinbase and IEX are reportedly in talks to address the underlying problem and create a regulated crypto trading platform. The publicly traded crypto exchange and stock exchange leadership have entered into discussions to establish a federally approved digital asset marketplace, according to sources with direct knowledge of the matter, Fox Business reported on February 21. IEX Chairman Brad Katsuyama has previously met with officials from the United States Securities and Exchange Commission (SEC), including its boss

Brian Armstrong to fight SEC
1 year ago 1 min read

Brian Armstrong Vows to Protect Crypto Staking Service from Securities Classification

Brian Armstrong, CEO of the largest cryptocurrency exchange in the US, Coinbase, has expressed his commitment to defend the company’s crypto staking services in court against allegations that they should be classified as securities. In a recent tweet, Armstrong shared a blog post written by Paul Grewal, the chief legal officer of Coinbase, which stated that the staking services offered by the exchange do not meet the criteria of a security according to the Howey test, used by the US Securities and Exchange Commission (SEC) to determine whether an investment contract is a security. Grewal argued that crypto staking services

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