The SEC sues Coinbase for violating securities regulations
The lawsuit comes one day after the SEC sued Binance and CEO, Changpeng Zhao for operating an illegal exchange and violating US regulations related to the offering of unregistered securities.
The SEC's lawsuit, filed in US District Court Southern District of New York, says that Coinbase has operated an unregistered broker, unregistered exchange, and and an unregistered clearing agency"since at least 2019." "Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors."
The suit also takes aim at two other Coinbase services, Coinbase Prime and Coinbase Wallet. The SEC complaint says that these services included trading of crypto assets that are considered securities,"bringing Coinbase's operations squarely within the purview of the securities laws.", but claims that the company diverted customer funds to a trading firm called Sigma Chain that is controlled by Binance's CEO.
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