March 28, 2024
Coinbase Imposes Fees on Big USD Coin Conversions
Latest Cryptocurrency News

Coinbase Imposes Fees on Big USD Coin Conversions

Coinbase, the largest cryptocurrency exchange in the United States, is set to introduce commission fees for net conversions from USD Coin (USDC) to U.S. dollars exceeding $75 million within a rolling 30-day period starting on February 5. This move comes as Coinbase aims to apply fees ranging from 0.10% to 0.20% for varying transaction volumes.

The fees will be directly deducted from the USD Coin to U.S. dollar conversion amount. Exceptions to these fees are granted to Tier 1 and Tier 2 members of the Coinbase Exchange Liquidity Program. Despite recent challenges, including a stock downgrade by JPMorgan analysts due to Bitcoin’s declining price, and Coinbase’s legal battle with the U.S. Securities and Exchange Commission (SEC), the exchange remains a prominent advocate for the U.S. crypto market.

Coinbase has openly criticized the U.S. Treasury Department’s Financial Crimes Enforcement Network’s proposal to tighten scrutiny over crypto mixers, considering it a “waste of time.” Furthermore, Coinbase’s nonprofit advocacy organization, Stand with Crypto, actively monitors the stance of U.S. lawmakers on crypto, estimating support from up to 18 crypto-friendly senators. The exchange’s stock, while experiencing fluctuations, is still considered influential, with analysts suggesting a 70% chance of securing a complete dismissal of the SEC lawsuit filed in June 2023.

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