Coinbase, the U.S.-based cryptocurrency exchange, has witnessed an 18% surge in its shares, reaching $118 from last week’s $100. The spike is attributed to heightened scrutiny on Binance, as Coinbase positions itself to regain its status as a leading player in the crypto market.
Brian Armstrong, CEO of Coinbase, highlighted the impact of regulatory actions against Binance, emphasizing that companies attempting to evade regulations will face challenges. In an interview with CNBC in London, Armstrong stated that skirting regulations “just is not going to work.”
Despite Coinbase facing its own legal battles, including an ongoing SEC lawsuit filed last June, Armstrong sees these challenges as an opportunity to achieve “regulatory clarity.” He expressed confidence in navigating the legal landscape and attaining full compliance and trust.
Founded in 2012, Coinbase has strategically positioned itself as the crypto “good guy,” carefully selecting cryptocurrencies to focus on, particularly those avoiding the classification of unregistered securities by the Securities and Exchange Commission (SEC).
Coinbase aims to leverage recent developments, such as the enforcement action against Binance, to assert its dominance in the crypto market. Drawing parallels with its brief dominance after the fall of Mt. Gox, Coinbase is poised to make a substantial impact in the evolving crypto landscape.
