Coinbase (NASDAQ: COIN) stock fell by more than 10% on Tuesday, November 8, as COIN shares were impacted by the uncertainty in the crypto market surrounding rival cryptocurrency exchange – FTX.
FTX is currently attempting to avert a collapse as well as a potentially far-reaching domino effect over the whole cryptocurrency sector, which is still licking its wounds after the Terra crash. Although the market seemed to be settling and bottoming, most assets have faced significant selling pressure, and the market lost more than $100 billion in 24 hours at one point.
As crypto regulation becomes more scrutinized than ever, the Federal Financial Supervisory Authority of Germany, better known as BaFin, has issued an order relating to Coinbase’s local arm’s business organization in line with the country’s banking rules. In a November 8 notification, BaFin said it had issued the order to Coinbase Germany GmbH for breaches of the German Banking Act’s “appropriate business organizati
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