Coinbase reportedly defined "verified users" as individuals who verified an email address or phone number, a definition that may have overstated the number of unique customers

Quotes that support claims

Coinbase stopped citing the metric in 2023, acknowledging it may have overstated unique users since individuals could register multiple accounts.

We explained that the verified users metric includes anyone who verified their email address or phone number with us, so it may overstate the number of unique customers," said Grewal