Cryptocurrency firm Coinbase recorded a 60% rise in company shares in the same month competitors FTX and Binance faced federal charges.
Higher profit in the bitcoin and ether market helped the company reached its second-best monthly performance since it first launched to public in 2021, CNBC reported.
Coinbase recorded a 250% uptick in trading volume in the past 11 months despite falling market shares.
The uptick came as its competitor's leading figures, Changpeng Zhao of Binance and FTX founder Sam Bankman-Fried, face prison time in the US.
Crypto Market Controversies
Early in November, Bankman-Fried was convicted of seven counts of fraud in his involvement with customer fund theft in the now-bankrupt crypto firm. The FTX founder faces lifetime imprisonment.
Three weeks later, Zhao pleaded guilty to money laundering and violating US economic sanctions during his time as Binance CEO. Binance had to pay 4$ settlement to the charges, while Zhao remained in the US to wait for his prison sentencing.
Even without Zhao, Binance remains the biggest crypto exchange platform globally with $65 billion assets in the company.
Recent controversies, however, caused Binance's market shares to plummet, a chance for Coinbase to scoop up traders looking for a more trusted crypto exchange platform.
Coinbase's Recovery and Plans for the Future
Market experts see the shift in the crypto industry's financial structure for Coinbase to recover from its losses last year.
The crypto exchange upstart lost 86% of its value as rising inflation and higher interest rates forced many investors out of the cryptocurrency market. Revenues have dropped 75% from year-to-year records.
Recovering from its losses, Coinbase executives now consider moving operations away from the US due to its "hard-and-fast rule" on crypto.
Both Coinbase and Binance still face legal battles with the Securities and Exchange Commission regarding the regulations on the company's global financial transactions.
Coinbase currently sits as the fourth largest global crypto exchange by daily volume with a market value close to $30 billion.
