Coinbase shares surge to reach 18-month high

Shares of cryptocurrency exchange Coinbase (COIN) hit an 18-month high as exchange positions itself as Binance alternative.

Coinbase’s share price closed at $119.77 on Nov. 27, hitting an 18-month high as per data by TradingView.

Shares of the American exchange have risen by roughly 18% over the past week, climbing from around $100 to about $118 by Monday morning, up 228% year to date.

“We’ve had a moment recently, with the enforcement action against Binance, that’s allowing us to turn the page on that and hopefully close that chapter of crypto’s history,” Brian Armstrong, CEO of Coinbase, said in a Nov. 26 interview with CNBC in London.

Armstrong repeated that his exchange has long sought dialogue with regulators. However, it is also named in a lawsuit from the US Securities and Exchange Commission (SEC), which accuses Coinbase of not registering as a broker and trading in unregistered securities.

“We feel very good about our case with the SEC and our chances there,” Armstrong added to CNBC. “Regardless of the outcome, it’s going to help us with our goal of getting regulatory clarity.”