The stocks of cryptocurrency platform Coinbase have reached its highest level in 18 months after rival exchange Binance and its former CEO Changpeng “CZ” Zhao admitted to money laundering and sanctions violations in the United States.
On November 27, Coinbase closed at $119.77, the highest it has been since May 5, 2022 when it closed at $114.25.
There has been minimal movement in the stock during after-hours trading. This increase in value has brought Coinbase’s stocks up by around 256.5% year-to-date, although it is still 65% lower than its record high of almost $343 on November 12, 2021.
The surge in Coinbase’s share price occurred just less than a week after Binance and CZ pleaded guilty to money laundering, violating US sanctions, and operating an unlicensed money transfer business.
As part of their settlement with the US, Zhao stepped down as CEO and Binance agreed to have compliance monitors from the US Justice Department and Treasury Department for up to five years.