Coinbase Secured Class F Licence in Bermuda; Stock Slipped 4%

Coinbase secured a Class F license in Bermuda under Digital Assets Business Act.
The offshore exchange of Coinbase will be launched soon in Bermuda.

Coinbase, the leading cryptocurrency exchange, informed that it had secured a Class F license from Bermuda Monetary Authorities under Digital Assets Business Act. As per CoinMarketCap, It is the biggest crypto exchange in the United States.

The information about securing a license was revealed a day after the crypto exchange informed that it plans to relocate from the United States because of tighter regulations of regulators.

As per the data Class F license will allow Coin to engage in the finance market, including the issuance and sales of tokens. Moreover, the license will enable the exchange to function as a digital asset exchange provider and digital derivatives.

An Executive close to Coinbase informed us that the exchange plans to launch an offshore exchange in Bermuda in the upcoming weeks. Launching its exchange in Bermuda, It will become a formidable competitor of other leading exchanges.

In its official blog post, the crypto exchange noted, “Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018. Its regulatory environment is long known for high rigor, transparency, compliance, and cooperation.”

Research conducted by Coinbase states that the United Kingdom is the fastest emerging market globally, and over 22% of youths in the nation hold cryptocurrency.

Earlier on March 23, 2023, TheCoinRepublic reported that the cryptocurrency exchange received a warning from the United States Securities and Exchange Commission, citing regulatory violation.

Similarly, the exchange noted on March 22, 2023, that SEC has alleged that Coin might be violating securities laws in their exchange’s staking services.

1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
— Brian Armstrong (@brian_armstrong) March 22, 2023

COIN Stock Decline

As per the technical data, COIN stock mirrors a decline of 4.19% on April 19, 2023, trading and lost $2.82 compared to its April 18 trading session. On Wednesday’s trading session trading volume of Coin stock was 118.906K.

Source:TradingView

In the last 52 weeks, the highest trading price of Coin stocks was $154.69, and the lowest was $31.55. The stock declined more than 8% in seven days of trading.

According to the fourth quarter of the 2022 financial report of Coinbase, the company generated more revenue than the estimated figures. In the same quarter, it generated $629.11 million in revenue, which is more significant than the estimated revenue, which was $587.81.

The Q4 financial reports were quite surprising because, since the last three quarters of 2022, the company has generated less revenue than the estimated figures.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.