Coinbase confirms Biden-era SEC probe over 'verified users' is still ongoing

Coinbase is under an ongoing SEC investigation from the Biden era, focusing on its previously reported “verified users” metric, which may have overstated unique customers by counting those who verified an email or phone number. The probe, combined with a recent security breach involving stolen customer data and a $20 million ransom demand, led to a 6% drop in Coinbase’s share price. The breach could cost up to $400 million to resolve. Coinbase stopped reporting the verified users metric two and a half years ago, now using “monthly transacting users” instead, and is cooperating with the SEC to resolve the investigation. Despite these challenges, Coinbase is expanding globally through an acquisition and will join the S&P 500 index, with ambitions to become the top financial services app within a decade. The SEC probe continues amid a leadership shift under a more crypto-friendly Trump administration. Show Less