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Home Crypto Exchanges

Will Coinbase Profits Drop With Regulatory Challenges And Crypto Staking?

Hania by Hania
February 20, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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Coinbase Considers Singapore Amid US SEC Challenges
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If the regulation problem continues, Coinbase may experience a decline in profits due to the recent announcement that Kraken would stop offering its cryptocurrency staking service.

In the long run, the recent actions taken by the Securities and Exchange Commission aimed at numerous participants in the cryptocurrency business may have a negative impact on large companies such as Coinbase.

If the regulatory action spreads to other participants, the SEC’s restrictions on Kraken’s staking program may certainly have an impact on its revenue streams. Or did the SEC seek to warn the cryptocurrency companies? The agency’s chair, Gary Gensler, recently stated that strict compliance with regulations would ensure that crypto businesses survive.

The other big cryptocurrency exchange, Binance, is also concerned as it tries to secure a banking partner to back its US Dollar operations. Because of this, Binance has temporarily suspended withdrawals and transactions in US dollars.

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Will Coinbase Profits Drop With Regulatory Challenges And Crypto Staking

Crypto Staking – Coinbase Revenue

The financial results for Coinbase’s quarter ending in December 2022 are expected to be released on Tuesday, February 21, 2023. The FTX collapse, which caused the market to crash and left all exchanges, including Coinbase, with a significant decline in transaction volume, damaged the quarter. Although Coinbase’s revenue is largely derived from user trading, the current crypto winter has reduced that amount.

As a result, exchanges frequently concentrate on maximizing revenue from other sources, such as cryptocurrency staking. If regulatory worries intensify, this could result in Coinbase losing part of these revenues.

Coinbase charges a commission based on the rewards users receive from staking. For instance, the commission on Cardano (ADA) and Solana (SOL) is 35%, compared to 25% on Ethereum (ETH).

Staking, custody, and interest income companies generated $178.9 million in revenue for Coinbase in the most recent quarter. The SEC’s new proposed requirements will be stiffer for companies that secure assets for fund managers in addition to the problems with staking.

Read More:

Coinbase Japan Confirms To Shut Down Operations

Tags: crypto newscryptocurrency exchangeStaking
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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