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The US Securities and Exchange Commission (SEC) has initiated legal proceedings against Coinbase, accusing the platform of violating securities laws. Coinbase, following in the footsteps of Binance, one of the world’s largest cryptocurrency exchanges in terms of trading volume, is now on the SEC’s radar. According to the SEC‘s claims, Coinbase has officially entered the legal fray for allegedly breaching US securities laws. The complaint file of the lawsuit contains details of the accusations.
SEC Files Lawsuit Against Coinbase
In a statement released on the SEC’s official website, it was reported that Coinbase is accused of operating as an unregistered securities exchange. According to statements on the official website of the US Securities and Exchange Commission, the SEC alleges that since at least 2019, Coinbase has illegally facilitated the trading of crypto asset securities, earning billions of dollars:
The Securities and Exchange Commission today charged Coinbase, Inc. for operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register its crypto asset staking program’s offering and sale as a service. According to the SEC’s complaint, Coinbase has earned billions of dollars since at least 2019 by illegally facilitating the trading of crypto asset securities. The SEC alleges that Coinbase intertwined the traditional services of an exchange, broker, and clearing agency without registering any of these functions as required by law.
Statement from SEC Chairman Gary Gensler
Following Binance, which is considered the world’s largest cryptocurrency exchange in terms of trading volumes, Coinbase, the largest US-based cryptocurrency exchange, has also caught the attention of the SEC. Coinbase is now facing allegations from the SEC that it violated US securities laws.
SEC Chairman Gary Gensler, in his statement regarding the allegations, claimed that Coinbase openly violated securities laws, despite being subject to them.
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