<ul><li>U.S. regulators are investigating Coinbase's 'verified user' count, which once exceeded 100 million, to see if it gave investors a distorted view of its actual customer activity.</li><li>The investigation focuses on the user metric highlighted in Coinbase’s registration documents for its direct listing on the Nasdaq, which was later replaced by a 'monthly transacting users' stat.</li><li>Coinbase's top legal officer confirmed the inquiry, calling the 'verified user' count outdated and broad, encompassing even those who just registered with an email or phone number.</li><li>The SEC's renewed interest in past disclosures indicates ongoing tension between the agency and Coinbase, despite the recent dropping of a separate case. Coinbase's stock price dipped 6.6% after a security breach affecting customer identity data.</li></ul>

Coinbase Under SEC Review – Here’s Why

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