Oppenheimer on Coinbase (COIN): DOJ Settlement with Binance a Positive for Industry

Oppenheimer analyst Owen Lau reiterated a Perform rating on Coinbase Global Inc. (NASDAQ: COIN).

The analyst commented: "Earlier today Department of Justice (DOJ) announced the settlement with Binance, the largest crypto exchange in the world by volume, on money laundering, unlicensed money transmitting and sanctions violations. Changpeng Zhao (CZ) has resigned as CEO and has agreed to not manage Binance for three years. It appears that there is a deferred prosecution agreement which allows Binance to continue to operate. Binance can likely absorb the $4.3B fine without causing major disruption to the market. We believe this settlement sends the message that blockchain technology needs to comply with US laws, instead of putting the end of digital asset. It is also a signal that the regulatory headwinds are slowly passing behind, and the next clarity could come from Coinbase's lawsuit with the SEC."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $105.49 yesterday.

You May Also Be Interested In

• Daré Bioscience prices $6M direct offering at $1.37 per share
• Yxt.com Group prices $1.5M registered direct offering at $3 per ADS
• Outlook Therapeutics posts Q3 loss, eyes U.S. LYTENAVA launch by end of 2026