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News

Coinbase Claims Not Compromising With SEC, Not Deleting Any Warning Tokens

June 8, 2023 - Around 2 mins mins to read

Key Points:

  • Coinbase insists it will not delist tokens that the SEC has warned are unregistered securities.
  • Coinbase is still responding to the SEC lawsuit in anticipation of a protracted legal battle.
  • CEO Brian Armstrong said his last meeting with the SEC Chairman failed because he wasn’t told how to comply.
Coinbase has no plans to delist crypto tokens accused of being securities by the SEC, CEO Brian Armstrong shared in an interview on Wednesday.
Coinbase Claims Not Compromising With SEC, Not Deleting Any Warning Tokens

Executive director Brian Armstrong has confirmed that their exchange will not delist tokens warned by the SEC, business operations will continue as normal, and the exchange’s staking service will not be suspended stop working.

On Tuesday, the Securities and Exchange Commission sued Coinbase, alleging that at least 13 tokens listed on its platform are securities. Names include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.

Armstrong affirmed that Coinbase will not face the risk of “bank run” like other platforms. All customer deposits are guaranteed. “As a public company, we have auditors verifying all of that,” the CEO said.

Coinbase Claims Not Compromising With SEC, Not Deleting Any Warning Tokens

The SEC has accused Coinbase of operating its crypto asset trading platform as an unregistered and unregistered exchange offering and selling its staking program.

Earlier, Brian Armstrong also said that the last time he met with the Chairman of the US Securities and Exchange Commission, Gary Gensler, was in a “cold” virtual meeting that failed and did not come to any conclusion about compliance.

America’s largest cryptocurrency exchange is putting itself ahead of a protracted regulatory battle that could lead to sweeping changes across the industry.

Unlike Coinbase, Binance.US, which the SEC sued on Monday, halted free trading and delisted some trading pairs on Wednesday – the SEC sued Binance and Binance CEO Changpeng Zhao for securities violations with a report covering 13 counts.

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.

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