Key Takeaways
- The U.S. SEC sues Coinbase for a variety of violations, such as failing to register as a national securities exchange, broker and clearing agency, among others.
- Gensler stated that Coinbase also failed to provide proper investor protection and proper registration its staking-as-a-service program.
Share this article
The United States Securities and Exchange Commission (SEC) has sued major cryptocurrency exchange Coinbase, alleging violations of national securities law, following its announcement of suing Binance a day earlier.
The charges were filed in the U.S. District Court for the Southern District of New York and allege that the crypto giant has been operating as an unregistered national securities exchange, broker and clearing agency, as well as failing to register its staking-as-a-service program, according to the SEC announcement.
Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.https://t.co/XPG2gDkxtV pic.twitter.com/hCdVMw8B2v
— U.S. Securities and Exchange Commission (@SECGov) June 6, 2023
Coinbase allegedly accrued billions in profits by facilitating the purchase and sale of crypto asset securities since 2019. Moreover, “Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law,” according to the press release.
Go to Source to See Full Article
Author: Emily Tonelli
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
