Coinbase’s Chief Financial Officer stated that fraud issues are not related to crypto but with centralised exchanges.
Alicia Haas (CFO of Coinbase) was interviewed Wednesday by the Wall Street Journal. She stated that crypto, DeFi and Bitcoin are performing exactly how they should and that the problem was with centralised exchanges.
Haas stated that crypto still required the onramps to allow dollars, yen or pounds to be used for buying cryptocurrencies. This infrastructure, along with the crypto economy, was still being built.
Although she stated that crypto was moving towards decentralised finance and transparency, it was still necessary for centralised exchanges. These centralised intermediaries would also need regulation.
Haas answered a question about how companies like FTX and others like it were allowed to operate in this way. He said that it was a case of fraud for FTX and that it had had a cascading effect that affected crypto prices all over the world.
When asked about Coinbase’s performance, the CFO pointed out the $545m loss last year, the $2 billion “ground number” this year, as well as the fact that the stock was down 80%.
She said that Coinbase has always done the right things and had always been compliant and regulated. She stated that Coinbase had been educating customers about crypto’s cycles and that the company had strong customer protections as well as a strong balance.
Haas was asked how Coinbase differs from other centralised exchanges. She replied that customer assets are held one to one in separate accounts and have Article eight protection. She continued:

“The digital assets that we hold for our customers is not our property, they aren’t available for creditors, that means your assets are your assets, and we are protecting them for you on the platform.”

Haas stated that she hopes that the industry can provide its own cryptographic solution. However, Coinbase will continue to push for more transparency, regardless of whether it is cryptographic or traditional.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

  

According to Coinbase’s Chief Financial Officer, fraud is not related to crypto. These centralised intermediaries would also need to be regulated. She stated that Coinbase was educating its customers about crypto cycles and that it had strong customer protections. She continued:
“The digital assets that we hold for our customers is not our property, they aren’t available for creditors, that means your assets are your assets, and we are protecting them for you on the platform.”
As far as regulation and compliance goes, Haas said that she hopes the industry can provide its own cryptographic solution, but says that whether the solution is traditional or cryptographic, Coinbase would continue to drive for more transparency.Disclaimer: This article is provided for informational purposes only. This article is not intended to be used for legal, tax, financial, or any other advice.