SEC Accuses Coinbase of Operating Unlicensed Exchange, Claims Even More Cryptocurrencies are Securities

The U.S. Securities and Exchange Commission has official filed a lawsuit against leading cryptocurrency exchange Coinbase following yesterday's official complaint against centralized exchange Binance.

In a 101-page document, the SEC has outlined Coinbase operating as an unregistered broker, unregistered trader, unregistered clearing agency. They also argued that Coinbase had "participated in violated the "registration provisions of the Securities Act of 1993" due to it's offering of various cryptocurrencies and earn products on it's site.

Cryptocurrencies mentioned in the suit as securities include SOL, ADA, MATIC, NEAR, VGX, DASH, NEXO, and more.

Also Read: SEC Sues Binance and CEO “CZ”, Claims BNB and BUSD are Securities in Latest Filings

SEC Has Yet To Official Respond To Coinbase's Lawsuit

In a stunning turn of events, the SEC has managed to file an official complaint against Coinbase, despite themselves being sued by the cryptocurrency exchange months ago.

Following a period of silence with respect to Coinbase's official response to a Wells notice issued by the commission.

https://twitter.com/brian\_armstrong/status/1649465612987449344

Furthermore, the SEC's most recent suit came in spite of apparent efforts by Coinbase CEO Brian Armstrong to achieve better regulatory clarity in crypto from the SEC.

Also Read: Binance Statement To SEC: We are prepared to fight it to the full extent of the law

[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]

Featured Image Credit: Chaindebrief