Bitcoin and Ethereum Stocks Soar: What’s Happening? – Coinbase Global (NASDAQ:COIN)

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Shares of several crypto-related stocks including Marathon Digital Holdings Inc MARA, Riot Blockchain Inc RIOT and MicroStrategy Inc MSTR are trading higher on Wednesday afternoon in sympathy with Coinbase Global Inc COIN, which reached a settlement of 100 million dollars with New York regulators.

What happened: Coinbase settled a case with the New York Department of Financial Services. The cryptocurrency exchange will pay a $50 million fine and invest an additional $50 million to improve its compliance program, according to a statement from Coinbase.

A new regulatory filing says regulators found Coinbase violated anti-money laundering laws by allowing customers to open accounts without performing proper background checks and gathering enough information.

“The review of departments revealed material deficiencies in Coinbases’ compliance program, including its know-your-customer/due diligence (KYC/CDD) procedures, transaction monitoring system (TMS), and transaction monitoring program. OFAC filtering,” the record says.

See more details here: Why Coinbase crypto-linked stock is booming today

Marathon Digital is engaged in the mining of digital assets such as Bitcoin (CRYPTO:Bitcoin) and Ethereum ETH/USD. Marathon shares are up 23.5% at $4.20 at the time of writing.

Riot Blockchain is focused on building, supporting, and operating blockchain technologies. The stock rose 13.7% to $3.83 on Wednesday afternoon.

MicroStrategy is a business intelligence, mobile software and cloud-based services company. More than anything else, it’s a bet on Bitcoin, as the firm owns over 130,000 Bitcoin. MicroStrategy shares rose 12.6% to $163.24 at last check.

Photo:Serg Dementev from Pixabay.

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