Coinbase Stock Hits Record High as Binance Faces Legal Troubles

by Nov 28, 2023CryptoNews0 comments

Coinbase, the largest cryptocurrency exchange in the US, saw its stock price soar to an all-time high of $420 on Friday, November 24, 2023, amid a bullish market for digital assets. The company’s market capitalization reached $110 billion, surpassing that of major financial institutions such as Goldman Sachs and Morgan Stanley.

Coinbase’s stock performance contrasted sharply with that of its rival Binance, the world’s largest cryptocurrency exchange by trading volume, which has been facing regulatory challenges and legal woes in several countries. Binance recently pleaded guilty to charges of money laundering, tax evasion, and operating an unlicensed money transmitter business in the US and agreed to pay a $2.5 billion fine and cooperate with authorities. The company also faced bans and restrictions in countries such as China, Japan, the UK, Germany, and Canada, due to its lack of compliance with local laws and regulations.

Analysts attributed Coinbase’s success to its focus on regulatory compliance, customer service, and innovation, as well as its diversified revenue streams from trading fees, custody services, debit cards, and other products. Coinbase has also benefited from the growing adoption of cryptocurrencies by institutional investors, retail customers, and mainstream companies such as Tesla, PayPal, and Twitter .

Coinbase’s CEO Brian Armstrong expressed his optimism about the future of the cryptocurrency industry and his company’s role in it. He tweeted: “We are witnessing a paradigm shift in the global financial system, and Coinbase is proud to be at the forefront of it. We are committed to providing the best platform for our customers to buy, sell, store, and use cryptocurrencies safely and securely. Thank you for your support and trust

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source :cointelegraph

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