Coinbase shares hit 18-month high after Binance charges

Jesse Coghlan6 minutes agoCoinbase shares hit 18-month high after Binance chargesThe price high comes after rival exchange Binance pleaded guilty and traders seemingly priced in Coinbase’s custodian agreements for a slate of spot crypto ETFs.18 Total viewsListen to article 0:00NewsJoin us on social networksCrypto exchange Coinbase (COIN) shares have hit an 18-month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States.

On Nov. 27, Coinbase closed at $119.77, its highest since May 5, 2022, when it closed at $114.25, according to TradingView data. It has seen little movement in after-hours trading.

The number puts Coinbase shares up around 256.5% year-to-date, although is still down 65% from its Nov. 12, 2021, all-time high of nearly $343.Coinbase share price since May 2022. Source: TradingView

Coinbase’s share surge comes just shy of a week since Binance and founder Changpeng “CZ” Zhao pleaded guilty to money laundering, violating U.S. sanctions and running an unlicensed money-transmitting business.

Zhao and Binance settled with the U.S. for $4.3 billion, which included Zhao stepping down as CEO and Binance agreeing to DOJ and Treasury compliance monitors for up to five years.

Related:Binance charges prove ‘following the rules’ was the right decision — Coinbase CEO

Over the past year Coinbase has also secured a significant windfall with to-be-approved U.S. spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).

Analysis from Bloomberg ETF analyst James Seyffart shows Coinbase is custodian to 13 of the 19 spot crypto ETFs currently pending with the Securities and Exchange Commission.Coinbase is the custodian of 70% of the 19 spot crypto funds. Source: James Seyffart/X

Coinbase, however, faces a lawsuit from the SEC which claims the exchange didn’t register with the regulator and listed several tokens that violated U.S. securities laws.

Coinbase had attempted to dismiss the suit and called into question the SEC’s authority to police crypto.

Magazine:Web3 Gamer: 65% plunge in Web3 Games in ’23 but ‘real hits’ coming, $26M NFL Rivals NFT|# Coinbase# Business# Stocks# SharesAdd reactionAdd reactionRead moreSpot Bitcoin ETF: Why this time is differentMilei vowed to close Argentina’s central bank — But will he do it?Marathon, Riot among most overvalued Bitcoin mining stocks: Report