The U.S. SEC is accusing the U.S. crypto asset trading platform of illegally operating without having first registered with the regulator, evading the disclosure requirements meant to protect investors. U.S. SEC sues Coinbase, one day after suing Binance:
NEW YORK -The U.S. Securities and Exchange Commission on Tuesday sued Coinbase, accusing the largest U.S. cryptocurrency exchange of operating illegally without having first registered with the regulator.
"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," Gensler said in a tweet. The lawsuit 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.
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