The SEC's investigation reportedly focuses on Coinbase’s use of the “verified users” metric in its 2021 IPO filings and promotional materials

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The data point appeared in Coinbase’s original public offering document in 2021, but the company stopped citing it two years later.
Regulators are examining whether that number may have misrepresented the scale of the company’s user base and misled investors.
The SEC has been investigating crypto exchange Coinbase (COIN) over whether it misstated its user numbers in past securities filings and marketing materials.