02:13 PM EDT, 05/15/2025 (MT Newswires) -- (Updates with Coinbase's reply to a request for comment.)

The US Securities and Exchange Commission is investigating Coinbase Global ( COIN ) over whether it misstated its user numbers in past disclosures, The New York Times Reported Thursday, citing four people familiar with the matter.

"This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public," Coinbase Chief Legal Officer Paul Grewal said in an emailed statement. "We explained that the verified users metric includes anyone who verified their email address or phone number with us, so it may overstate the number of unique customers. While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close."

Shares were down 6.5% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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