The Securities and Exchange Commission on Tuesday sued Coinbase, alleging that the publicly traded cryptocurrency trading platform has been operating illegally as an unregistered exchange.
, Binance and its CEO, on grounds that it too is violating securities rules by not registering with the SEC. The pair of suits are part of SEC Chair Gary Gensler's push to regulate the burgeoning cryptocurrency market and protect investors.
Securities regulators say that Coinbase and other crypto platforms offer the same services as an exchange, broker and clearing agency, making them legally required to register with agency. Gurbir S. Grewal, director of the the SEC's division of enforcement, said that exchanges like Coinbase aren't exempt from regulation and that the SEC will hold it accountable.
Coinbase pushed back against the SEC's allegations, and dismissed the agency's move as one that hurts American economic competitiveness.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase stock falls 10% after SEC sues Binance for unregistered securitiesCoinbase falls 10% after the SEC sues rival crypto exchange Binance for violating securities law
Read more »
SEC Sues Coinbase on Unregistered Securities Exchange AllegationsBREAKING: SECGov has sued coinbase on charges of violating federal securities law, a day after filling a similar suit against rival binance. By nikhileshde.
Read more »
SEC charges Coinbase for illegally operating an unregistered securities exchangeThe Securities and Exchange Commission charged Coinbase with operating an unregistered national securities exchange, brokerage and clearing agency. The SEC also charged $COIN for offering its crypto staking service without registering with the agency.
Read more »
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.
Read more »
SEC sues Coinbase, alleging securities law violationsThe lawsuit was filed in the U.S. District Court for the Southern District of New York.
Read more »