Coinbase shares hit 18-month high after Binance charges

Crypto speech Coinbase (COIN) shares person deed an 18-month precocious aft rival speech Binance and its erstwhile CEO Changpeng Zhao pleaded blameworthy to wealth laundering and sanctions violations successful the United States.

On Nov. 27, Coinbase closed astatine $119.77, its highest since May 5, 2022, erstwhile it closed astatine $114.25, according to TradingView data. It has seen small question successful after-hours trading.

The fig puts Coinbase shares up astir 256.5% year-to-date, though is inactive down 65% from its Nov. 12, 2021, all-time precocious of astir $343.

Coinbase stock terms since May 2022. Source: TradingView

Coinbase’s stock surge comes conscionable shy of a week since Binance and laminitis Changpeng “CZ” Zhao pleaded guilty to wealth laundering, violating U.S. sanctions and moving an unlicensed money-transmitting business.

Zhao and Binance settled with the U.S. for $4.3 billion, which included Zhao stepping down arsenic CEO and Binance agreeing to DOJ and Treasury compliance monitors for up to 5 years.

Related: Binance charges beryllium ‘following the rules’ was the close determination — Coinbase CEO

Over the past twelvemonth Coinbase has besides secured a important windfall with to-be-approved U.S. spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).

Analysis from Bloomberg ETF expert James Seyffart shows Coinbase is custodian to 13 of the 19 spot crypto ETFs presently pending with the Securities and Exchange Commission.

Coinbase is the custodian of 70% of the 19 spot crypto funds. Source: James Seyffart/X

Coinbase, however, faces a lawsuit from the SEC which claims the speech didn’t registry with the regulator and listed respective tokens that violated U.S. securities laws.

Coinbase had attempted to dismiss the suit and called into question the SEC’s authorization to constabulary crypto.

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