Coinbase

Coinbase Sued Over Biometrics Collection: Privacy Breach Allegations

May 2, 2023 1 min read

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)

Coinbase’s Offshore Exchange Receives Regulatory Approval, Launch Imminent

April 20, 2023 1 min read

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

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

April 8, 2023 2 mins read

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

Coinbase Receives Wells Notice from SEC, Could Face Enforcement Action

March 23, 2023 1 min read

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

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

March 21, 2023 1 min read

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

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

March 12, 2023 1 min read

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

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

March 8, 2023 1 min read

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

Coinbase Suspends Binance USD Trading Amid Regulatory Investigation

February 28, 2023 1 min read

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

Coinbase Pursues Plan to Establish Regulated Cryptocurrency Exchange

February 22, 2023 1 min read

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

Brian Armstrong Vows to Protect Crypto Staking Service from Securities Classification

February 13, 2023 1 min read

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

Dutch regulator fines Coinbase $3.6 million for non-compliance

January 26, 2023 1 min read

Crypto exchange Coinbase has been fined 3,325,000 euros ($3.6 million) by the Dutch Central Bank for offering crypto services to customers in the Netherlands without registering under the anti-money laundering and terrorist financing norms. The fine is due to the company’s failure to comply with the laws in the country. The Dutch Central Bank explained that the fine was increased due to the severity and degree of culpability of the

Coinbase Lists KAVA, Advancing Ethereum–Cosmos Interoperability

January 19, 2023 2 mins read

San Francisco, California, 18th January, 2023, Chainwire Today, Coinbase has listed Kava and will launch a massive Learning Rewards Campaign to educate its user base about how Kava is leading the world to Web3. Kava is a decentralized layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum. Kava has spent the last year building a deep integration with Coinbase that optimizes the process for Cosmos