Breaking: SEC Sues Coinbase Alleging Unregistered Securities Sales
Key Points:
- The US Securities and Exchange Commission – SEC sues Coinbase for unregistered securities sales.
- The SEC alleges that Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019.
SEC sues Coinbase for unregistered securities sales after suing Binance one day prior. The SEC alleges Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019.
According to the lawsuit document, Coinbase has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC alleges that the US exchange has offered and sold securities without registering its offers and sales. The assets that Coinbase makes available include crypto asset securities, and the SEC alleges that the following tokens are securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Coinbase has serviced over 108 million customers, accounting for billions of dollars in daily trading volume in hundreds of crypto assets. The platform merges three functions that are typically separated in traditional securities markets—those of brokers, exchanges, and clearing agencies. The SEC stated that the exchange has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets.
Following the document, the SEC said that Coinbase allegedly made calculated business decisions to make crypto assets available for trading to increase its revenues, even where those assets, as offered and sold, had the characteristics of securities. Additionally, Coinbase has elevated its interest in increasing profits over investors’ interests and compliance with the law and the regulatory framework governing the securities markets.
Additionally, the SEC seeks a final judgment that will permanently restrain and enjoin Coinbase while ordering it to disgorge its ill-gotten gains and to pay prejudgment interest thereon, imposing civil money penalties on the exchange and granting any equitable relief that may be appropriate or necessary for the benefit of investors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Breaking: SEC Sues Coinbase Alleging Unregistered Securities Sales
Key Points:
- The US Securities and Exchange Commission – SEC sues Coinbase for unregistered securities sales.
- The SEC alleges that Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019.
SEC sues Coinbase for unregistered securities sales after suing Binance one day prior. The SEC alleges Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019.
According to the lawsuit document, Coinbase has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC alleges that the US exchange has offered and sold securities without registering its offers and sales. The assets that Coinbase makes available include crypto asset securities, and the SEC alleges that the following tokens are securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Coinbase has serviced over 108 million customers, accounting for billions of dollars in daily trading volume in hundreds of crypto assets. The platform merges three functions that are typically separated in traditional securities markets—those of brokers, exchanges, and clearing agencies. The SEC stated that the exchange has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets.
Following the document, the SEC said that Coinbase allegedly made calculated business decisions to make crypto assets available for trading to increase its revenues, even where those assets, as offered and sold, had the characteristics of securities. Additionally, Coinbase has elevated its interest in increasing profits over investors’ interests and compliance with the law and the regulatory framework governing the securities markets.
Additionally, the SEC seeks a final judgment that will permanently restrain and enjoin Coinbase while ordering it to disgorge its ill-gotten gains and to pay prejudgment interest thereon, imposing civil money penalties on the exchange and granting any equitable relief that may be appropriate or necessary for the benefit of investors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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