Coinbase, the popular cryptocurrency exchange, has recently been the subject of criticism from Warren Buffett, the billionaire investor. Buffett has accused Coinbase of violating regulations and failing to protect customers’ investments. In response, Coinbase has released a statement defending its practices and denying any wrongdoing.

Coinbase’s statement asserts that the company has always operated within the bounds of the law and has taken steps to ensure the safety of its customers’ investments. Coinbase claims that it has implemented a number of measures to protect customers, including a robust anti-money laundering program, a secure asset storage system, and a comprehensive customer due diligence process. Coinbase also states that it is subject to regular examinations by regulators and has never been found to be in violation of any regulations.

In addition to defending its practices, Coinbase also took the opportunity to criticize Buffett’s lack of knowledge about cryptocurrency. Coinbase pointed out that Buffett has not invested in cryptocurrency and is unfamiliar with the technology. Coinbase argued that Buffett’s criticisms are based on outdated information and a lack of understanding of the industry.

Coinbase’s response to Buffett’s allegations is an important reminder that the company is committed to adhering to regulations and protecting its customers’ investments. Coinbase has taken steps to ensure that its practices are in compliance with the law and that its customers’ investments are safe. While Buffett may not be familiar with cryptocurrency, Coinbase is confident that its practices are sound and its customers are protected.