Following the settlement with the New York Department of Financial Services, which requires Coinbase to pay a $50-million fine to regulators and to invest another $50 million in its compliance procedures, the exchange’s stock COIN rallied 12%, taking it from $34.59 to $38.16.
The market cap increased by around $1.1 billion, to $8.56 billion, a nice relief after the exchange took consecutive hits in 2022 and the ongoing crypto winter marked by the bankruptcies of major actors.
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