This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today said a recent cybersecurity incident at Binance highlights both the persistent operational and cybersecurity risks facing large crypto trading platforms and potentially meaningful differences in regulatory oversight, custody architecture, and security controls across the sector. Binance said an Oct. 29 security incident resulted in approximately $6.34 billion of digital assets being affected after attackers obtained unauthorized access to an internal wallet-signing service. Coinbase (BB-/Stable/--) had no direct exposure to the Binance incident, although there could be indirect exposure through customers that interact with both platforms. Some of Coinbase's countermeasures include blocking transfers to wallets identified as compromised. We view positively Coinbase's
