In a 2023 securities filing, Coinbase said it would begin disclosing “monthly transacting users” rather than the “verified users” statistic, arguing that the former was “not indicative of our overall performance”
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SEC investigates whether Coinbase inflated user numbers ahead of 2021 IPO: NYT
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Coinbase discontinued the "verified users" metric in 2023, citing in public filings that it was no longer indicative of overall performance and replaced it with "monthly transacting users"
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Coinbase reportedly shifted from “verified users” to “monthly transacting users” during the period when the SEC had begun examining its public disclosures, though the company attributes the change to internal business evaluation
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