CryptoX – Cryptocurrency Analysis and News Portal Crypto exchange Coinbase has said it is planning to reduce its headcount by around 950 employees as part of a restructuring which it expects to be complete by the end of Q2 2023. Source The post Coinbase Plans to Cut 950 Jobs by End of Q2 appeared first on CryptoX. CryptoX Portal
Coinbase will be “acutely pressured in the near-term” as its retail customer base trades less frequently in the bear market, but the company has staying power due to its healthy balance sheet with over $5 billion in cash, it’s proactive approach to regulatory compliance, prudent risk management and its legitimacy as a publicly listed and audited company, the note said. Source
Cathie Wood, veteran investor and CEO of ARK Invest, remains bullish on the cryptocurrency industry and centralized exchanges (CEX) despite the bear market and the crypto crisis. Wood’s investment management firm ARK continues accumulating the stock of the major United States cryptocurrency exchange, Coinbase. On Jan. 5, ARK purchased 144,463 Coinbase (COIN) shares for allocation by its financial technology-focused fund, ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. At the time of writing, the purchase is worth $4.8 million, with COIN closing at $33.5 on…
“COIN’s business is significantly correlated to crypto asset prices, trading volumes, and volatility,” they wrote. “COIN’s monthly trading volumes have seen a fairly consistent drawdown each subsequent month since November 2021, and there remains low visibility into either a stabilization or rebound in retail trading volumes over 2023 given the macro backdrop and FTX contagion risks on crypto asset prices.” Source
Major exchange Coinbase saw its stock rise markedly after it announced a settlement with a state financial services regulator. Coinbase Global Inc (NASDAQ: COIN) stock jumped 12% Wednesday on news that it had reached a settlement with a New York regulator. According to reports, the leading American crypto exchange agreed to pay $100 million to the New York Department of Financial Services. 50% of this settlement constitutes the fine, while Coinbase will invest the remaining $50 million into strengthening its compliance programs. Coinbase stock was trading at $37.34 per share following…
Modest gains across cryptocurrencies were enough to jump start a rally in the beaten-down shares. Source
Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021. New York Regulator Fines Coinbase $100 Million for Anti-Money Laundering Compliance Issues The crypto exchange and custodial firm Coinbase (Nasdaq: COIN) has agreed to a $100 million settlement with New York’s top financial regulator NYDFS…
Top US-based crypto exchange Coinbase has reached a settlement with regulators after bad actors stole $150 million using the platform. According to a memo from New York’s Department of Financial Services, Coinbase must pay $50 million in fines to the regulator, plus invest an additional $50 million in bolstering its internal compliance programs over the next two years. The memo says that Coinbase does the “bare minimum” to verify its customers and stifle illicit activities, which ultimately lead to a $150 million heist that occurred in mid-2021. The regulator says…
On-chain data shows the Bitcoin inflows to Coinbase have spiked recently, a sign that may turn out to be bearish for the crypto. Bitcoin Exchange Inflows To Coinbase Register High Values As pointed out by an analyst in a CryptoQuant post, a total of 20k BTC was transferred to Coinbase recently. The “exchange inflows” is an indicator that measures the total amount of Bitcoin currently being transferred to an exchange (which, in this case, is Coinbase). When this metric’s value is high, investors send many coins to the exchange right…
New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services. The fine was issued after regulators found the company had allowed customers to open accounts without conducting sufficient background checks, potentially violating Anti-Money Laundering laws. The company’s failure to properly identify customers and monitor their activity for suspicious activity was initially identified during a routine examination in 2020, but regulators determined…