Coinbase Clarifies Its Zero Exposure to Genesis Trading

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• Coinbase (NASDAQ:COIN) issued a notice to convey they have a sound risk management program and strong capital.
• The notice was issued to iterate how Coinbase was different from the other platforms.
• Coinbase added that they would keep working to grow the crypto-economy responsibly.

Coinbase crypto exchange made a public announcement through Twitter to emphasize that they have a good risk management program and a strong capital position. The move was to safeguard the interest of Coinbase customers in the platform.

The trading platform shared the announcement on its Twitter:

3/ We’ll keep working to grow the cryptoeconomy in a safe, responsible way. And we’ll continue to do everything we can to protect our customers.

— Coinbase (@coinbase) November 16, 2022

In the wake of the FTX crash and concerns regarding liquidity crunch, Coinbase decided to issue a notice to iterate how the exchange was different from the other platforms. To begin with, the exchange platform said they have zero exposure to Genesis Trading.

Coinbase added in the announcement:

“Coinbase and our customers are not in any direct danger of liquidity or credit risk. Regardless of whether the Binance FTX transaction completes, we have very little exposure to FTX and we have no exposure to its token, FTT.”

Reportedly, a total of $15 million in deposits are currently held by Coinbase on FTX to facilitate business operations and client trades. The platform also confirmed they have no exposure to Alameda Research and no loans to FTX.

Furthermore, Coinbase added that it has been transparent about its track record, and balance sheet strength. They also effectively and prudently manage risk for their customers and others.

Coinbase also emphasized why regulatory standards are important. They further added:

“Congress needs to provide clear, national rules for crypto — and make those rules workable so companies aren’t rewarded for building outside the U.S. That’s why Coinbase has leaned into regulation from the very beginning.”

While concluding the notice, Coinbase added that they would keep working to grow the crypto-economy in a safe, responsible way while continuing to do everything they can to protect their customers.

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