NEW YORK: The US Securities and Exchange Commission on Tuesday (Jun 6) sued Coinbase, accusing the largest US cryptocurrency exchange of operating illegally without having first registered with the regulator. Tuesday's lawsuit came one day
NEW YORK: The US Securities and Exchange Commission on Tuesday sued Coinbase, accusing the largest US cryptocurrency exchange of operating illegally without having first registered with the regulator., the world's largest cryptocurrency exchange, and its founder Changpeng Zhao.
"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. In a complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 2019 made billions of dollars by handling cryptocurrency transactions, while evading the disclosure requirements meant to protect investors.
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.
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