SEC Sues Coinbase Alleging Unregistered Securities Sales
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.
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. 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.
Source
https://t.me/DeFi_Ethereum
