Shares of crypto exchange Coinbase (COIN) have surged to 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.
According to Trading View, on November 27, Coinbase closed at $119.77, its highest level since May 5, 2022, when it closed at $114.25. data, Very little movement was seen in after-hours trading.
This number puts Coinbase shares up about 256.5% year-to-date, though still down 65% from its Nov. 12, 2021, all-time high of about $343.
Coinbase shares surge just a week after Binance and founder Changpeng “CZ” Zhao pleaded guilty money laundering, violating US sanctions and running an unlicensed money-transmission business.
Zhao and Binance settled with the US for $4.3 billion, which includes Zhao stepping down as CEO and Binance agreeing to DOJ and Treasury compliance monitors for up to five years.
Analysis from Bloomberg ETF analyst James Seifert shows Coinbase is the custodian of 13 of the 19 spot crypto ETFs currently pending with the Securities and Exchange Commission.
However, Coinbase faces SEC lawsuit Which claims that the exchange has not registered with the regulator and has listed several tokens that violate US securities laws.
Coinbase had tried to dismiss The lawsuit questioned the SEC’s authority to police crypto.