The chief executive officer of Coinbase exchange finally came to respond to the rumors on Coinbase bankruptcy.
Coinbase is a US-based Nasdaq-listed crypto exchange, which is standing at second rank in the crypto industry due to its compliance-based services. The blockchain developers team of Coinbase is highly talented and its Innovations based on blockchain tools are helpful to provide better resources to the ecosystem of the crypto & blockchain industry. Even US government agencies also uses some blockchain-based tools of Coinbase exchange.
Recently Coinbase exchange submitted its filing with US Securities and Exchange Commission (SEC). In the filing, Coinbase CEO Brian Armstrong talked about some risks associated with the SEC agency’s new reporting rule. After that thing, rumors of Coinbase Bankruptcy started to spread.
On 11 May, Coinbase CEO himself took to Twitter to dismiss all the rumors. Brian said that there is no risk of bankruptcy but there are some risks associated with the SAB 121 requirement of the SEC agency, which mandates the exchange to explain how the company holds crypto assets funds of third party companies.
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Coinbase CEO wrote that they have full faith in their services, which are available under the full compliance-based work.
At the same time, Coinbase’s CEO clearly said that the exchange is going to change some terms and conditions for the retail users but services will remain securely available, as were earlier.
“For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event. We should have had these in place previously, so let me apologize for that.”
With all these things, Coinbase CEO also said that the Coinbase exchange provides the best Coinbase wallet in the form of custodial and self custodial. It is all about the needs of users, that is what they want.
Read also: We are here to stay, says Terraform Labs founder on UST crash
Coinbase CEO dismisses rumors of Bankruptcy risk
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