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☆ Coinbase says it could get sued by the SEC, which has identified 'potential violations of securities law' at the exchange
▼ + stars: | 2023-03-23 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Coinbase said it got a Wells notice from the SEC alerting it of possible enforcement action. The regulator told the crypto exchange it had identified potential violations of securities law, but little more. Coinbase said Wednesday that it got a Wells notice from the SEC alerting it of potential enforcement action for possible violations of securities law after "a cursory investigation," but that the SEC didn't expand much more. The exchange said the notice from the SEC touched on unspecified portions of its listed digital assets, its staking service, its self-custody crypto wallet and an aspect of its exchange called Coinbase Prime. The famed money manager now holds a 7% stake in the crypto exchange worth $837 million.

The Securities and Exchange Commission issued crypto exchange Coinbase a Wells notice, warning the company that it identified potential violations of U.S. securities law. "Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company's spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet," Coinbase said in a regulatory filing. A Wells notice is typically one of the final steps before the SEC formally issues charges. Coinbase described the investigation as "cursory," and said the Wells notice provided relatively little information about potential violations. The SEC sent a Wells notice to stablecoin issuer Paxos in February.

☆ Coinbase beats on revenue and earnings, but usage continues to decline
▼ + stars: | 2023-02-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Coinbase reported user numbers that fell short of analysts' estimates even as fourth-quarter earnings and revenue beat projections. Loss of $2.46 per share, vs. loss of $2.55 per share as expected by analysts, according to Refinitiv. Revenue: $629 million, vs. $590 million as expected by analysts, according to Refinitiv. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. Haas added that staking was less than 3% of net revenue, so it was not material source of net revenue at this time — but an "important part of the ecosystem" that the platform plans to grow.

☆ Coinbase's Paul Grewal reacts to the SEC's proposed rule change targeting crypto
▼ + stars: | 2023-02-15 | by ( Kate Rooney | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase's Paul Grewal reacts to the SEC's proposed rule change targeting cryptoCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Grewal, the chief legal officer at Coinbase, responds to a proposed rule change from the SEC that would make it harder for firms to hold customer assets.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDogecoin soars after Elon Musk tweet, and Coinbase responds to SEC crackdown: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Grewal, the chief legal officer at Coinbase, responds to a proposed rule change from the SEC that would make it harder for firms to hold customer assets.

☆ Coinbase Layoff Ax Won’t Fall on Compliance Team
▼ + stars: | 2023-01-12 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

Wide-scale layoffs at Coinbase Global Inc. won’t significantly impact its compliance team, as the cryptocurrency exchange remains under a New York regulator’s watch after recently settling allegations it violated anti-money-laundering laws. Coinbase wants to cut operating expenses by 25% and plans to lay off about 950 people, Chief Executive Brian Armstrong said Tuesday. A spokeswoman for the company, asked whether the departures would impact the exchange’s risk, compliance or legal teams, said there won’t be “meaningful” layoffs in key roles. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The exchange in the settlement agreed to spend another $50 million to improve its compliance program over the next two years.

☆ New York Financial Regulator Notches $100 Million Settlement With Coinbase
▼ + stars: | 2023-01-05 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A $100 million settlement made public by the New York State Department of Financial Services on Wednesday underscores the agency’s intent to set the regulatory agenda for digital currencies. Coinbase also will spend $50 million to improve its compliance program over the next two years. The regulator oversees insurance companies and state-chartered banks and already plays an outsize role nationally in overseeing the financial services sector. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The agency credited Coinbase for its remediation efforts, including how it strengthened its onboarding process, according to the settlement agreement.

☆ Coinbase reaches $100 million settlement with New York regulators
▼ + stars: | 2023-01-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Coinbase, one of the most popular US crypto-trading platforms, agreed to a $100 million settlement after New York regulators found “significant failures” to comply with the state’s anti-money-laundering laws. The settlement includes a $50 million penalty Coinbase must pay to the New York Department of Financial Services and a pledge to spend $50 million to strengthen the company’t compliance program over the next two years. The regulator said it had installed an independent monitor to investigate, and that monitor will remain in place for at least another year as needed. Coinbase’s statement included reference to the so-called crypto winter — a chill that hit the industry in 2022, bringing down several companies, including Sam Bankman-Fried’s FTX. “We recognize that the crypto industry is at an inflection point right now and that every public move by a crypto company will receive intense scrutiny,” Grewal said.

☆ Coinbase is paying a $50 million fine over allegations it fell behind on a mountain of internal warnings
▼ + stars: | 2023-01-04 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Coinbase is paying a $50 million fine after a New York agency found fault with its crypto platform. It will also invest $50 million into improving its own vetting of customers and transactions. Coinbase said it has taken "substantial measures" to improve its monitoring tech and protocols. The settlement, which the New York Department of Financial Services disclosed on Wednesday, includes a $50 million fine, and also calls for Coinbase to spend another $50 million on a monitoring plan overseen by the agency. Coinbase, a crypto exchange founded in 2012, has more than 100 million users on its platform.

☆ Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc (COIN.O) has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity," said New York DFS Superintendent Adrienne Harris. Coinbase, a publicly traded firm and one of the largest global crypto exchanges, will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, the company said.

☆ Coinbase settles with New York state financial regulator for $100 million, stock spikes
▼ + stars: | 2023-01-04 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Coinbase signage in New York's Times Square during the company's initial public offering on the Nasdaq on April 14, 2021. Coinbase settled a case with New York's state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts. Regulators from the New York Department of Financial Services said the company had longstanding failures in its anti-money laundering program. "This agreement includes a $50 million penalty and a separate commitment from Coinbase to invest $50 million in our compliance program over two years," Coinbase Chief Legal Officer Paul Grewal said in a statement. Regulators wrote that Coinbase's compliance shortcomings led to "suspicious or unlawful conduct being facilitated through Coinbase's platform," according to the consent order.

☆ Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions
▼ + stars: | 2022-10-12 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department’s sanctions against cryptocurrency mixer Tornado Cash. In August, OFAC imposed sanctions on Tornado Cash, a currency mixer that enables users to co-mingle their funds in order to obfuscate ownership. OFAC accused Tornado Cash of laundering billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers. In September, however, OFAC clarified that the sanctions placed on Tornado Cash don’t prohibit U.S. individuals or businesses from interacting with open-source code itself, as long as it doesn’t involve a prohibited transaction with the Tornado Cash platform. The Coinbase suit also argues that these sanctions exceed Treasury’s statutory authority and infringe on the plaintiffs’ constitutional right to privacy.

☆ Treasury warns against Russia's efforts to evade sanctions with crypto
▼ + stars: | 2022-09-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Russian President Vladimir Putin could use cryptocurrencies to evade U.S. and other sanctions launched against the Kremlin for its unprovoked invasion of Ukraine, a Treasury official told lawmakers Tuesday. Warren said she'd been concerned about the possibility of cryptocurrency being used by Russian elites to bypass sanctions since the country invaded in February. The Treasury Department has already identified Russian entities attempting to circumvent sanctions with crypto. Treasury issued its first-ever sanctions on these "mixers" in May and sanctioned another, "Tornado Cash," in August. Coinbase's chief legal officer, Paul Grewal, told CNBC that the sanctions set "a dangerous precedent," but Rosenberg called them effective.

☆ Turning point for the crypto community? Where bitcoin goes from here
▼ + stars: | 2022-09-17 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

But with bitcoin coming off a nearly two-year low, the short-term temperaments are being met with a mix of positive and negative factors that are guiding where the crypto community goes from here. Proposals for more SEC oversight of the crypto community are likely to be met with hostility from the community itself, although the agency has already taken steps to enforce its regulatory agenda. "A year from now, the large trading venues will be in the process of registering with the SEC," Hougan said. Beyond the crypto community, rates of adoption from large investment firms demonstrate that digital currencies are being embraced by Wall Street, Hougan said. "Blackrock and Schwab coming in reinforces to everyday investor that bitcoin is not going away," Hougan said.

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