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Home»Blockchain»SEC Probes Coinbase Over Misrepresentation of User Data: Report
Blockchain

SEC Probes Coinbase Over Misrepresentation of User Data: Report

May 16, 2025No Comments2 Mins Read
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Coinbase, one of the leading cryptocurrency exchanges, is reportedly under investigation by the Securities and Exchange Commission (SEC) over the accuracy of its reported user numbers. The SEC is focusing on a figure that Coinbase included in its public filings and marketing materials, claiming to have over 100 million “verified users.”

This data point was initially disclosed in Coinbase’s 2021 public offering document but was later omitted in 2023. The SEC’s inquiry, which began during the Biden administration and has continued under President Trump, has led the commission to contact former Coinbase employees to gather information about the controversial user metric. Despite the fact that Coinbase no longer reports this figure, it is still under scrutiny, prompting the company to seek legal assistance from Davis Polk & Wardwell.

In response to the SEC’s investigation, Coinbase’s Chief Legal Officer, Paul Grewal, emphasized that the metric in question was dropped over two and a half years ago. Grewal urged the SEC to conclude the inquiry, stating that it was a holdover from the previous administration. This investigation is separate from the SEC’s 2023 charges against Coinbase for operating its crypto asset trading platform as an unregistered exchange.

Despite these regulatory challenges, Coinbase’s growth has continued unabated, with the company now valued at over $60 billion and included in the S&P 500 index. However, Coinbase has faced its fair share of setbacks, including a recent data breach that exposed customer information. Following a $20 million ransom demand, Coinbase disclosed that bribed foreign support staff had leaked partial data from less than 1% of its users.

See also  A Beginner's Guide to Algorand (ALGO) Blockchain

Despite these challenges, Coinbase remains a leader in the crypto industry and continues to expand into the mainstream financial sector. The company’s relationship with the SEC remains a crucial aspect of its operations as it navigates legal hurdles while maintaining its position at the forefront of the cryptocurrency market.

In conclusion, while the SEC’s investigation into Coinbase’s user data representation continues, the company’s growth and resilience in the face of regulatory challenges demonstrate its ongoing commitment to transparency and compliance in the cryptocurrency industry.

Coinbase Data Misrepresentation probes Report SEC user
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