Binance's Regulatory Woes Are Coinbase's Gain, Says Cathie Wood

"We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them, therefore we have the competition for Coinbase disappearing, so that's a good thing longer term for Coinbase," Wood told Bloomberg on Thursday. This comes as both exchanges face regulatory crackdowns over allegedly peddling unregistered securities, with the Securities and Exchange Commission (SEC) suing them just this week. However, Coinbase is not being accused of any criminal activities despite questions regarding its status as a security and staking practice. Despite this, Ark Invest is still the fourth-largest holder of Coinbase and has added to its stake for nearly a year. Read Next: Bitcoin, Ethereum, Dogecoin Fall Amid Binance, Coinbase Lawsuits — Analyst Now Prefers NFTs Over ‘Buying Some Random Dog Coin’