Coinbase plunges 18% after the SEC sues the crypto exchange for breaking US securities laws
and offering unregistered securities to its users.
Shares were trading at $47.97 at 9:42 a.m. ET. The stock fell 9% a day before following the announcement of the SEC's suit against Binance. one day after the SEC sued Binance for also running an unregistered crypto exchangeCoinbase was also sued for its staking yield program, which the SEC alleged is an unregistered sale and offering of securities to its users.
"Coinbase's alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC," SEC Chairman Coinbase has been under investigation by the SEC for months, and it received a Wells notice from the agency in March suggesting that an enforcement action was imminent.
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