![]() customers off its platform, and misleading customers about its controls.īinance pledged to defend vigorously against the lawsuit, and said the case reflected the SEC's "misguided and conscious refusal" to provide clarity and guidance to the crypto industry. SEC Chairman Gary Gensler gave important remarks today before the Piper Sandler Global Exchange & Fintech Conference, stating that: When crypto asset market participants go on Twitter or TV and. In the Binance case, the SEC accused that exchange of inflating trading volumes, diverting customer funds, improperly commingling assets, failing to keep wealthy U.S. The SEC had in March warned Coinbase that securities charges might be coming.Ĭoinbase's friction with Gensler dates to 2021, when the SEC threatened to sue if Coinbase were to let users earn interest by lending digital assets. Tuesday's lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief. "You simply can't ignore the rules because you don't like them or because you'd prefer different ones," SEC Enforcement Chief Gurbir Grewal said in a statement. The SEC said Coinbase was "fully aware" that its business was subject to federal securities laws, but ignored it. In the staking program, Coinbase pools crypto assets and uses them to facilitate activity on the blockchain network, in exchange for "rewards" it provides customers after taking a commission for itself. Luckily, the resolutions are often straightforward. There are a few different reasons why this may occur. Tuesday's complaint addressed several aspects of Coinbase's business including Coinbase Prime, which routes orders Coinbase Wallet, which lets investors access liquidity and the Coinbase Earn staking service. What should I do Occasionally there may be transactions from your wallets or exchanges missing in CoinTracker. ![]() Transactions generated 75% of its $3.15 billion of net revenue last year. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.įounded in 2012, Coinbase recently served more than 108 million customers, and ended March with $130 billion of customer crypto assets and funds on its balance sheet. ![]()
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