Coinbase shares hit 18-month high after Binance charges

Crypto exchange Coinbase (COIN) shares have hit an 18-month high after competing exchange Binance and its previous CEO Changpeng Zhao pleaded guilty to money laundering and sanctions offenses in the United States.On Nov. 27, Coinbase closed at $119.77, its highest given that May 5, 2022, when it closed at $114.25, according to TradingView information. It has seen little movement in after-hours trading.The number puts Coinbase shares up around 256.5% year-to-date, although is still down 65% from its Nov. 12, 2021, all-time high of almost $343. Coinbase share price considering that May 2022. Source: TradingViewCoinbases share rise comes simply shy of a week given that Binance and creator Changpeng “CZ” Zhao pleaded guilty to cash laundering, breaking U.S. sanctions and running an unlicensed money-transmitting business.Zhao and Binance settled with the U.S. for $4.3 billion, which included Zhao stepping down as CEO and Binance agreeing to DOJ and Treasury compliance monitors for up to five years.Related: Binance charges prove following the rules was the right choice– Coinbase CEOOver the past year Coinbase has also protected a considerable windfall with to-be-approved U.S. area Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs). Analysis from Bloomberg ETF analyst James Seyffart shows Coinbase is custodian to 13 of the 19 spot crypto ETFs presently pending with the Securities and Exchange Commission.Coinbase is the custodian of 70% of the 19 area crypto funds. Source: James Seyffart/XCoinbase, however, faces a suit from the SEC which claims the exchange didnt sign up with the regulator and listed numerous tokens that breached U.S. securities laws.Coinbase had actually tried to dismiss the suit and called into concern the SECs authority to authorities crypto.Magazine: Web3 Gamer: 65% plunge in Web3 Games in 23 but real hits coming, $26M NFL Rivals NFT