, the biggest crypto asset trading platform in the US. It claims that Coinbase operated as an unregistered national securities exchange, broker and clearing agency. The SEC notes that brokers, exchanges and clearing agencies are usually separated in traditional securities markets, but said Coinbase"intertwines" their services.
The agency claimed that by failing to register as a broker, national securities exchange or clearing agency, Coinbase has prevented investors from having certain protections. Those include SEC inspections, safeguards against conflicts of interest and recordkeeping requirements. The agency argued that Coinbase doesn't qualify for any applicable exemptions from registration for any of the three functions.
"You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” Gurbir S. Grewal, the director of the SEC’s Division of Enforcement,
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