The US Securities and Exchange Commission sues Coinbase Inc, the largest US crypto asset trading platform, one day after the regulator sued Binance and its US affiliate
The lawsuits fan concerns about the future of the crypto industry, which faces an uphill task of regaining favour among retail investors. / Photo: Reuters
In a complaint filed in Manhattan federal court on Tuesday, the SEC said Coinbase has since at least 2019 operated as an unregistered broker by handling cryptocurrency transactions, evading the disclosure requirements meant to protect investors. "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," SEC Chair Gary Gensler tweeted.
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