Coinbase Reveals U.S., State Probes as It Seeks to Go Public (1)

Coinbase Global Inc. said it’s facing federal and state investigations as the biggest U.S. crypto exchange seeks to go public through a direct listing.

The company, reported to be valued at more than $100 billion in recent private transactions, has been under investigation since 2017 by the Commodity Futures Trading Commission, Coinbase said Thursday in a filing. Coinbase also received a Securities and Exchange Commission subpoena as recently as December, for information about its operations. It’s common for firms seeking to go public to disclose any regulatory probes as potential risks.

The legal headaches come as Coinbase seeks to ride ...