Coinbase CEO Clears Air Regarding Risk Of Bankruptcy
The chief executive of Coinbase, Brian Armstrong, has eased out concerns regarding bankruptcy in one of his tweets. He further allayed the fears of Coinbase users by stating that the company’s latest quarterly filing was performed keeping in mind the requirements of the US Securities and Exchange Commission (SEC). Further adding to that he mentions that […]
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Brian Armstrong, co-founder and CEO of Coinbase, responded to fears surrounding a disclosure that the company made in its recent report. Following the Coinbase report where the company declared its losses, a disclosure that suggests that users are not protected in the case of bankruptcy has been gaining traction on social media. However, Coinbase CEO Brian Armstrong explained that funds are safe “as they’ve always been.” In the company's first-quarter report for 2022, Coinbase reported its first loss amounting to $430 million. Apart from this, the firm also reported the number of users....
In a recent development, the Securities and Exchange Commission (SEC) has expressed concerns regarding Coinbase involvement in the restructuring plan of Celsius Network. This crypto-lending company filed for bankruptcy over a year ago. The federal agency responsible for regulating US securities markets, the SEC, has filed limited objections and reservations of rights in response to […]
Attending the World Bank Conference Mark T. Williams gave his presentation entitled, "Virtual Currencies - Bitcoin Risk" in which he outlines "10 Major Bitcoin Risks." The presentation begins with an overview stating that the European Banking Authority has identified over 70 risks associated with virtual currencies before diving into the ten "most significant risks associated with Bitcoin." Ten Major Bitcoin Risks. His first points will come as no surprise to many in the Bitcoin community. But it's his last point I want to focus on. Bitcoin Is Not Legal Tender. Extreme Price Risk. Extreme....
Paul Grewal, the chief legal officer of Coinbase, highlighted that the funds of customers are protected legally and physically. As fears surrounding the Coinbase exchange run wild, Paul Grewal, the chief legal officer of Coinbase, assured customers that their funds are safe within the exchange. In an SEC disclosure made by Coinbase back in May, certain parts of the document mentioned that in the case of bankruptcy, crypto-assets held in custody on behalf of its customers may be "subject to bankruptcy proceedings" and that customers may become "unsecured creditors" in the process. The....
May has been an explosive month for cryptocurrency, with huge market crashes and the complete collapse of LUNA causing a massive downturn in average trading figures. To add to this news, Coinbase’s recent financial reporting release doesn’t shine favorably on the decentralized exchange. With over 98 million verified users and billions in controlled assets, many thought of this institution as simply too big to fail. Yet, things aren’t looking good for Coinbase, with their recent announcement suggesting that they may soon have to file for bankruptcy. To make matters worse, due to the lack of....