According to a recent report from CoinDesk, Coinbase (NASDAQ:COIN) is currently in talks with Canadian regulators in order to obtain the necessary license to continue operating in the country as they tighten regulations governing cryptocurrency platforms. Coinbase’s move follows a warning from the SEC last week, in which staff recommended enforcement action against the exchange for allegedly breaching securities laws.
Coinbase’s rival, Binance, is also seeking registration in Canada and is actively engaging with the Canadian Securities Administrators, while Blockchain.com has confirmed that it will be pulling out of Canada.
Overall, Wall Street analysts have a Hold consensus rating on COIN stock based on eight Buys, seven Holds, and seven Sells. Furthermore, with an average price target of $61.50, it comes with over 5% downside potential, as indicated by the graphic above.
