The exchange disclosed that the SEC is investigating its previously reported “verified users” metric, a figure that has appeared in company filings and marketing material and once topped 100 million.
“This is a holdover investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public.”
He explained that the now-retired metric counted users who verified an email or phone number, potentially overstating the number of unique customers.
Grewal added that Coinbase has since shifted to reporting “monthly transacting users,” a metric still disclosed in its earnings reports, and said the company is working with the SEC to close the investigation.
However, the continuation of the probe suggests lingering regulatory scrutiny over crypto firms’ disclosures and public-facing data.
