Coinbase Global Shares Tumble 16% on SEC Probe Report
July 26 2022 - 12:23PM
Dow Jones News
By Denny Jacob
Coinbase Global Inc. shares tumbled 16%, to $56.62, following a
report that the company is facing a probe by the U.S. Securities
and Exchange Commission.
The SEC is investigating into whether Coinbase improperly let
Americans trade digital assets that should have been registered as
securities, Bloomberg reported, citing three people familiar with
the matter.
Paul Grewal, Coinbase's legal chief, said on Twitter late Monday
that the company is confident that its diligence process keeps
securities off its platform and that it looks forward to engaging
with the SEC on the matter.
The report is the latest headwind for the company. A former
Coinbase employee and two other men were charged with wire fraud
July 21. The company in June said that it was slashing its
workforce by about 18%, amid broader challenges throughout the
cryptocurrency industry.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 26, 2022 12:08 ET (16:08 GMT)
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