“While Coinbase’s calculated decisions may have allowed it to earn billions, it’s done so at the expense of investors by depriving them of the protections to which they are entitled. Today’s action seeks to hold Coinbase accountable for its choices,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said in a statement on Tuesday.The SEC’s complaint was filed in U.S. District Court for the Southern District of New York.
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. In a social media post, Binance said that it has been cooperating with the SEC’s investigation but said that the agency “chose to act unilaterally and litigate.”
Binance, the world’s largest cryptocurrency exchange, is a Cayman Islands limited liability company founded by Zhao, and the charges are familiar to practices uncovered after the collapse of the second largest cryptocurrency exchange, FTX, last year. U.S. prosecutors and the SEC charged FTX’s founder Sam Bankman-Fried with a host of money laundering, fraud and securities fraud charges in December. His criminal trial is likely to be in the fall.
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