Bitcoin News and Finance: What You Need to Know

The Nasdaq-listed cryptocurrency exchange Coinbase has been accused of “wrongfully” profiting from its users’ facial and fingerprint scans. “Coinbase collects, stores, possesses, otherwise obtains, uses, and disseminates its users’ biometric data to, amongst other things, further enhance Coinbase and its online ‘app-based’ Platform,” a proposed class action lawsuit details. Coinbase ‘Wrongfully Profits’ From Users’ Facial and Fingerprint Scans A proposed class action lawsuit, filed Monday in the Northern District of California, alleges that the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN) illegally collects face templates and fingerprints of its customers in violation of Illinois’ biometric privacy law. Plaintiff Michael Massel, a Coinbase customer, explained that the crypto exchange requires users to upload a government ID and selfie for verification and set up biometric authentication (fingerprint scan) for mobile app login. “Coinbase collects, stores, poss...

The San Francisco-based cryptocurrency exchange Coinbase recently announced the company plans to do a direct listing, as opposed to following the initial public offering (IPO) route. The decision means that Coinbase can float its shares on an exchange without hiring a financial institution to underwrite the settlements. Coinbase to Skip IPO Process, Shoots for a Direct Listing Just recently people familiar with the matter received a tip that the exchange giant Coinbase had plans to sell shares privately ahead of the IPO. In mid-December, Coinbase revealed the confidential filing of an S-1 initial public offering with the U.S. Securities and Exchange Commission. However, on January 28, 2021, Coinbase announced a proposed direct listing as opposed to the IPO that was initially planned. For instance, a few weeks prior rumors spread that Goldman Sachs would be the exchange’s underwriter. On Thursday Coinbase wrote: Coinbase Global, Inc. today announced its intent to become a publ...