Having to scrap the lending program "is a major blow for Coinbase as the firm tries to diversify revenue beyond its trading fees.”
“If we end up in court we may finally get the regulatory clarity the SEC refuses to provide,” Coinbase CEO Brian Armstrong says.
Almost all of Coinbase’s revenue comes from trading fees, meaning that price volatility in crypto markets came as a boon to its trading business.
The cryptocurrency exchange's buoyancy is tied to the crypto frenzy, as most cryptocurrencies are seeing irrational exuberance.
The CFTC says the exchange misrepresented the volume and liquidity of digital assets including bitcoin on its GDAX cryptocurrency exchange platform.
PerkinElmer, Houston Wire & Cable, APCO, Stepan, CAN Capital, Advance Auto Parts, Samson Resources, Connection, Matheson Trucking, Coinbase
The current finance chief of hedge fund Och-Ziff is leaving Wall Street for fintech at "a critical moment for the cryptocurrency industry."
An IRS investigation finds only a tiny percentage of virtual currency owners are declaring earnings on Bitcoin transactions in their annual returns.
Big names are allowing customers to pay with the cryptocurrency, but the amount of daily retail transactions is still very low.
Backed by the New Stock Exchange, the Coinbase exchange has approval to operate in about two dozen states.
