Tag: Coinbase

Kazakhstan’s authorities confirm they blocked access to Coinbase: Report

boss

The Ministry of Culture and Information of Kazakhstan has officially confirmed they have blocked the Coinbase website in the country. The authorities of Kazakhstan have been blocking local IPs’ access to Coinbase since September at least.   According to a Nov. 7 report from a local news outlet, Kursiv, access to the Coinbase website was blocked by an order of the Ministry of Culture and Information. Ministry representatives explained to journalists that the request came from a different government body, the Ministry of Digital Development, which accused Coinbase of violating the…

Coinbase to stop supporting Bitcoin SV by 2024

boss

Coinbase plans to liquidate the remaining BSV holdings in its wallets by January 2024. Cryptocurrency exchange Coinbase is set to completely remove Bitcoin’s (BTC) hard fork, Bitcoin SV (BSV), from its platform following its delisting back in 2021. In an email letter to its customers, Coinbase said it will stop supporting BSV on Jan. 9, 2024, at or around 12 p.m. ET. The U.S.-based trading platform added those who fail to withdraw their BSV coins until the deadline will be liquidated. “Upon liquidation, your BSV will be converted to the…

Coinbase cuts net loss amid declining trading volume in Q3 2023

Coinbase, a cryptocurrency exchange, reported a net loss of $2 million in Q3 2023 despite rising revenue and a drop in trading volume, according to details of the recent shareholders letter circulated on Nov. 2.  However, the exchange reduced its net loss compared to the same period last year, which was $545 million.  The company’s total revenue was $674.1 million, an increase of 14.2% compared to last year, with $334.4 million coming from subscriptions and services, and $288.6 million from transaction revenue. Consumer trade volume was $11 billion, while institutional trading volumes…

Coinbase user agreement dispute reaches US Supreme Court

boss

The United States Supreme Court has taken up a legal dispute concerning Coinbase and its users, specifically addressing a significant procedural matter on whether a judge or an arbitrator should decide which contract governs disputes. According to a report from Bloomberg, this issue stems from conflicting agreements between the parties, with one contract advocating arbitration and another supporting courtroom litigation. Coinbase had initially applied arbitration clauses to its clients, but a complication arose with a sweepstakes agreement that directed dispute resolution to California courts. Following allegations of deceptive advertising, customers…

Coinbase narrows loss while crypto trading volumes fall in Q3

boss

Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes. The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement. Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters. Of the total revenue, $334.4 million came from subscription…

Coinbase unveils crypto futures trading for eligible US traders

Coinbase Financial Markets has officially launched crypto futures trading for eligible US traders, following its approval to operate as a futures commission merchant by the National Futures Association. Coinbase Financial Markets has expanded its offerings by introducing crypto futures trading to eligible US traders. This move follows the company’s clearance to operate as a futures commission merchant by the National Futures Association in August. A futures contract represents a legal agreement to purchase or sell an asset at a predetermined price at a specified future date. For traders, futures offer…

Only 7% happy with U.S. financial system, Coinbase reports

New research by Coinbase shows only a tiny percent of U.S. citizens still believe the American Dream is achievable in the current financial environment. Less than 10% of Americans are happy with the nation’s financial system as younger generations become “more pressured financially and more disillusioned by the system,” Coinbase says. In a new Q3 State of Crypto report co-created with Bovitz and Morning Consult, the U.S.-based crypto exchange surveyed thousands of Americans about their experiences dealing with traditional finance. Most Americans are unsatisfied with the existing financial system, as…