SEC brings charges against cryptocurrency trading platform Coinbase

📆 6/6/2023 4:40 PM
📰 WashTimes

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The Securities and Exchange Commission is charging Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.

Coinbase was also charged for failing to register the offer and sale of its crypto asset staking-as-a-service program.

The SEC complaint also alleges that Coinbase’s holding company, Coinbase Global Inc., is a control person of Coinbase and therefore is also liable for some of Coinbase’s violations.The SEC, which had warned Coinbase in March that it could face securities charges, says in its complaint that Coinbase has made billions of dollars unlawfully since at least 2019 by facilitating the buying and selling of crypto asset securities.

The announcement comes one day after the SEC filed a lawsuit against Binance and its founder Changpeng Zhao, accusing them misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws.

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Coinbase Becomes the Latest Target of SEC: Accused of Unregistered Brokerage and Securities Violations – Bitcoin News'We allege that Coinbase commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,' SEC chair Gary Gensler said.
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