The US regulatory watchdog, SEC, raised concerns over Coinbase's involvement in Celsius' bankruptcy filing.
A 15 September filing disclosed the Coinbase Prime Broker Agreement, also making Coinbase a distribution agent for international customers. With this agreement, Coinbase would provide brokerage and master trading services to Celsius. However, the SEC raised an objection stating,
“Agreements go far beyond the services of a distribution agent, contemplating brokerage services and master trading services that implicate many of the concerns raised in the SEC’s District Court action against Coinbase […] , Paul Grewal – Coinbase’s Chief Legal OfficerCoinbase is proud to engage with Celsius to distribute crypto back to its customers.
Additionally, the commission also arrested Mashinsky, followed by the announcement. The founder was charged with seven counts including securities, commodities, and wire fraud. The founder, however, has pleaded not guilty to these charges. The action from the authorities came a year after Celsius filed for bankruptcy in July 2022. In recent developments, the crypto consortium – Fahrenheit won the bid to acquire its assets.
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