The plot thickens as Coinbase’s and the SEC’s relationship, which used to be on okay terms, has soured. In its complaint, the SEC said “Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors”.Ĭoinbase rebutted the claims, saying the SEC’s “reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness” and that the company had demonstrated a commitment to compliance. The top financial watchdog claims Coinbase, which holds $130 billion in assets, has been operating unregistered securities and has Coinbase’s staking-as-a-service program in its crosshairs. crypto exchange accusing it of similar misconduct to Binance. It was Coinbase’s turn the very next day, with the SEC filing a lawsuit against the U.S. A statement from the company said “while we take the allegations in the SEC’s complaint seriously, they should not be the subject of an SEC enforcement action, let alone on an expedited basis”. In the SEC’s eyes, the smoking gun is Binance’s former chief compliance officer saying to another colleague over text in 2018, “We are operating as a f****ng unlicensed securities exchange in the USA bro”.īinance has vehemently denied the accusations. The SEC also charges Binance and its linked entity, BAM Trading Services, with operating unregistered securities. There are 13 civil charges in total, including an accusation of Zhao secretly controlling the Binance.US platform, despite claiming to have no involvement in it. A court filing accused the top crypto exchange company of secretly sending billions of dollars worth of customer funds between companies controlled by Zhao. The SEC’s gripes against Binance and its CEO, Changpeng Zhao, are numerous.
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