The SEC is suing the largest US crypto exchange Coinbase

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The largest American cryptocurrency exchange Coinbase went the way of Binance, having received a lawsuit fromU.S. Securities and Exchange Commission (SEC).

According to the lawsuit, Coinbase has been operating in the country since 2019 as an unregistered broker and tradingcryptocurrencies, which are securities. The authors of the lawsuit claim that Coinbase "has never registered as a broker, national securities exchange or clearing agency," thereby evadingdisclosure of information for securities markets. 

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

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

Recently, Coinbase CEO BrianBrian 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 against cryptocurrency companies.