Coinbase beats estimates but sees lower trading volumes in third quarter

© Reuters. FILE PHOTO: A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoTrading volumes at the crypto exchange in the third quarter came in at $11 billion, compared with $26 billion a year earlier, mirroring a similar fall in the prior quarter ended June 30.

Total revenue in the three months ended Sept. 30 was $674.1 million, compared with analysts' estimate of $653.19 million, according to LSEG data. Investor sentiment toward cryptocurrencies has been lukewarm this year after a string of high-profile collapses in 2022 led to outflows of more than a trillion dollars from the sector.The decline in trading volumes comes as Coinbase continues to battle the U.S. Securities and Exchange Commission , which sued it and rival Binance in June, alleging it traded at least 13 crypto assets that are securities without registering them with the regulator. Both have denied the allegations.

In its previous earnings call, Coinbase Chief Legal Officer Paul Grewal said he expects Coinbase to prevail in the case.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.

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