Coinbase shares plummet after receiving the request of the United States Securities and Exchange Commission (secfor its acronym in English), in which the platform is accused of cryptocurrencies for taking the role of one stock Exchange and an unregistered stockbroker.
Legal action against the cryptocurrency platform comes a day after the SEC filed a complaint against Binancethe world’s largest crypto asset exchange, to be managed irregularly funds from its userslying to investors and regulators, among other accusations.
After hearing the claim the actions of the cryptocurrency exchange platform, which is the only one listed on Wall Streetafter going public in 2021, they sink more than 13%.
The SEC’s accusation against Coinbase
In a statement, the US regulator assured that Coinbase also did not record the supply and demand of its staking service or crypto bet or its operations as a clearing house to guarantee exchanges between investorscredit institutions and other financial agents.
“Since at least 2019, Coinbase has made billions of dollars by illegally facilitating the buying and selling of cryptoactive values”, maintains the sec in the note in which he insists that coinbase mixes the traditional services of the stock market with those of a stockbroker without having registered any of those functions.
According to Securities Commissionthe fact that Coinbase is not registered deprived investors of protection, such as inspection by the SEC or safeguards for potential conflicts of interest.
“You can’t just ignore the rules because they are not to one’s taste or because different ones are preferred: the consequences for the investing public are too important,” said the director of the SEC’s Enforcement Division, Gurbir Grewal, quoted in the statement.
Source: Ambito
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