Coinbase sinks on Wall Street after the allegations of the SEC: “Breaking the rules” – Corriere.it

Coinbase, the largest US crypto platform, sinks on Wall Street, where the stock loses 17% after the allegations of the Sec. The Securities and Exchange Commission (SEC), the supervisory authority of the US financial markets, is suing the platform , accusing her of violating his rules for years. Coinbase put its interest in increasing profits before the interests of investors and compliance with the law and the regulatory framework that governs the markets and which was created to protect US investors and capital markets, the indictment reads. Bitcoin also down after the SEC’s allegations against Coinbase. The cryptocurrency loses 4.4% to $25,523 and, according to analysts, could lose another 15% with the tightening of the US authorities on the crypto world.

According to the SEC, Coinbase would operate as an unregistered exchange. For the supervisory authority on Coinbase, exchanges of financial securities are carried out, which should have involved registering the platform. At least 13 cryptocurrencies should be considered financial stocks, according to the indictment. These include Solana’s Sol Token, Cardano’s Token, and Protocol Labs’ Filecoin Token. Coinbase has raked in billions of dollars by levying transaction fees from investors that the company hasn’t afforded the information and protections that trader registration would require, thereby exposing customers to significant risk, the Sec said. .

The Securities and Exchange Commission’s lawsuit against Coinbase comes a day after Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao were accused of misusing investor funds, operated as an unregistered exchange and violated a number of US laws.