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Coinbase CEO Armstrong Clarifies New Disclosure Does Not Mean Bankruptcy Risk

By Akanksha Bakshi
  • Coinbase Global Inc (NASDAQ:COIN) chief executive stated that the disclosure in its latest quarterly filing did not indicate the cryptocurrency exchange operator faced a bankruptcy risk, and it had been made to meet SEC requirements, Reuters reported.
  • RelatedCoinbase Sees Crypto Trading Volume Declines 44% In Q1
  • The company's 10-K on page 83 stated that "in the event of bankruptcy, crypto assets held by the exchange could be considered property of the bankruptcy proceedings, and customers could be treated as general unsecured creditors. An unsecured creditor would be one of the last to be paid in any bankruptcy and last in line for claims."
  • "We should have updated our retail terms sooner, and we didn't communicate proactively when this risk disclosure was added," stated Brian Armstrong, CEO. "My deepest apologies."
  • "We have no risk of bankruptcy," Armstrong wrote on Twitter after the disclosure.
  • He said Coinbase would take further steps to ensure it offered protection for its retail customers.
  • Coinbase stock fell Tuesday after hours on reporting weaker than expected Q1 financial results.
  • Also Read: Indian Government Informally Intimidated Coinbase To Halt Trading Of Bitcoin, Dogecoin, Says CEO
  • Price Action: COIN shares are trading lower by 14.30% at $62.53 during the premarket session on Wednesday.
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Dive Deeper:
CEO Of 'India's Robinhood' Echoes Coinbase's Warning: Crypto Exchanges Carry A Risk
Indian financial services firm Zerodha's co-founder and CEO Nithin Kamath sounded the alarm for crypto investors as the U.S. cryptocurrency…
Zerodha's Nithin Kamath cautions Indian crypto investors as Coinbase tumbles to record lows
Coinbase, the largest crypto exchange in the US, saw its shares tumble 78% since its April 2021 initial public offering…
Cathie Wood Puts In Another $29M In Coinbase, Showing Conviction In Crypto Stock Amid Sell-Off
Cathie Wood-led Ark Investment Management on Wednesday further raised its exposure in Coinbase Global Inc (NASDAQ: COIN) on the day…
Crypto collapse pushes Coinbase to new low
Coinbase Global shares and bonds fell to new lows yesterday, signalling investor scepticism about the prospects of the crypto exchange…
One subscription that gives you access to news from hundreds of sites
Coinbase Sees Crypto Trading Volume Declines 44% In Q1
Shares of major crypto exchange Coinbase Global Inc (NASDAQ: COIN) slid over 11% in extended trading on Tuesday, following dour…
Coinbase CEO says UPI payments suspended due to 'informal pressure' from RBI
In a strong-worded response, Coinbase CEO Brian Armstrong said, 'India is a unique market, in the sense that the Supreme…
Get all your news in one place