Crypto Exchange Under Investigation for Allegedly Misstating User Data

By: cryptosheadlines|2025/05/16 03:30:09
0
Share
copy
Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Coinbase has been under Wall Street scrutiny following its recent addition to the S & P 500 index.The ongoing investigation involves a marketing metric dropped over two years ago.COIN stock dropped today following a series of negative news including a data breach.Coinbase Global Inc. (NASDAQ: COIN) has ostensibly been under the investigative radar of the United States Securities and Exchange Commission (SEC). According to a report by the NYT, the U.S. SEC has been investigating whether Coinbase misstated its user data, which stated that the firm had more than 100 million verified users, in the past filings. The investigation was reportedly launched during the Joe Biden administration by Gary Gensler and continued under the Donald Trump administration. Interestingly, the investigation was not dropped earlier this year when the agency dropped several cases against crypto companies including Coinbase, and Binance.According to Paul Grewal, the Chief Legal Officer at Coinbase, the agency’s inquiry was ‘a holdover investigation from the prior administration about a metric we stopped reporting two and a half years ago.’“While we strongly believe this investigation should not continue, we remain committed to working with the S.E.C. to bring this matter to a close,” Grewal said.Impact of Coinbase Woes on its Stock MarketAs Coinpedia reported, Coinbase joined the S&P 500 stock index fueled by the mainstream adoption of digital assets and web3 protocols. The crypto exchange has played a crucial role in onboarding more institutional investors into the crypto space, especially through providing liquidity for the spot Bitcoin (BTC) and Ethereum (ETH) ETFs.In addition to legal headwinds, the cryptocurrency exchange has been a top target for sophisticated attackers. Earlier on Thursday, Coinbase reported that some of its users’ data were stolen, thus leading to an extortion attempt. According to a public filing, the Coinbase data breach could cost the firm to a tune of up to $400 million.Following the recent news, COIN stock dropped over 6 percent Tod trade about $247 on Thursday, May 15 during the mid-North American trading session.Source link

You may also like

What Is Vibe Coding? How AI Is Changing Web3 & Crypto Development

What is vibe coding? Learn how AI coding tools are lowering the barrier to Web3 development and enabling anyone to build crypto applications.

The parent company of the New York Stock Exchange strategically invests in OKX: The intentions behind the $25 billion valuation

Continuous cases show that cryptocurrency exchanges are becoming a battleground for traditional finance and tech giants, while also serving as an important stronghold for entering the strategic landscape of Web3.

WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

What are the key highlights of this year's Ethereum's most important upgrade, the Glamsterdam upgrade?

The Ethereum Race Against Time, Perhaps Truly a Quest for Revival

March 6 Key Market Update You Can't Miss! | Alpha Morning Report

.Top News: Recent Developments in US-Iran Conflict, Military Action to Escalate Further, Trump Rejects Soleimani's Son Taking Over Token Unlock: $W, $RED

Sell Nvidia, Buy Power Plant: 27-Year-Old AI Investor Earns $5 Billion in One Year

The essence of investment is to find price dislocation in the future that has already arrived but is not yet evenly distributed.

Popular coins

Latest Crypto News

Read more