September 21, 2023

The SEC is suing the largest US crypto exchange Coinbase

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1 min.

The SEC is suing the largest US crypto exchange Coinbase

The largest American cryptocurrency exchange Coinbase has gone the way of Binance, having received a lawsuit from the US Securities and Exchange Commission (SEC).

According to the lawsuit, Coinbase acts onterritory of the country since 2019 as an unregistered broker and trades in cryptocurrencies, which are securities. The authors of the lawsuit claim that Coinbase “has never registered as a broker, national securities exchange or clearing agency”, thereby avoiding disclosure of information to the securities markets.

The regulator has named assets such as SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO as securities.

Earlier, the SEC filed a lawsuit in the District of Columbia,publicly stating on Monday, June 5 that the Binance administration and its CEO, Changpeng Zhao, failed to restrict access to their trading platform to US clients, and also “distorted critical information, thereby misleading investors regarding their means of market control.

Recently Coinbase CEO BrianArmstrong (Brian Armstrong) said that the negative position of US regulators towards cryptocurrencies only plays into the hands of China and other countries. Armstrong has often criticized the SEC for fines and bans on crypto companies.