Crypto platform Coinbase collapses due to criminal case in US | economy

Door onze economieredactie

06 jun 2023 om 16:59Update: 4 uur geleden

Crypto platform Coinbase’s stock market value plunged nearly 20 percent on Tuesday as the US regulator SEC launched a criminal case against the company. The largest crypto platform in the United States is said to be offering services without a proper license.

At the end of the afternoon (Dutch time), Coinbase shares fell to 48.45 dollars (45.38 euros). Just before that, the price was still above $58.

Coinbase has about $130 billion in assets and millions of people invest there. In America, it is the largest crypto platform. But according to the SEC, the company violated the rules by offering various services without proper registration. Hence, the Stock Exchange Monitoring Committee has initiated a criminal case.

The SEC announced that it is regulating Binance, the world’s largest crypto platform. Here too incomplete registration can be a problem.

Unlike Coinbase, Binance is not publicly traded. The platform issues its own currency, BNB. It has lost about 10 percent of its value in the last 24 hours.

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