Traders have withdrawn funds from Coinbase in two waves, data shows. On Monday, net outflows reached $450 million within an hour following the lawsuit against Binance before stabilizing, according to Nansen data. Withdrawals rose again on Tuesday following the suit against Coinbase, then subsided. At the time of publication, net flows for the past hour turned positive, per Nansen. Source
A day after suing Binance, the U.S. Securities and Exchange Commission (SEC) has targeted Coinbase in its latest offensive on the crypto industry. In a new press release, the SEC says it’s charging Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.” The regulator is also charging Coinbase for “failing to register the offer and sale of its crypto asset staking-as-a-service program.” In its 101-page complaint, the SEC says that the crypto assets offered on the Coinbase Platform, Coinbase Prime, and Coinbase Wallet services are all “crypto…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance has added bitcoin non-fungible tokens (NFTs) to its marketplace only one day after the U.S. Securities and Exchange Commission (SEC) filed a complaint against the business. In addition to BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks, this cryptocurrency exchange’s NFT marketplace will now feature over 25 collections of bitcoin NFTs. The bitcoin community and the cryptocurrency industry are now fixated on NFTs related to bitcoin because of their sudden prominence as…
The new lawsuit against Coinbase is coming only a few hours after the SEC sued Binance for violation of the same US securities rules. American publicly listed crypto trading platform Coinbase Global Inc (NASDAQ: COIN) has come under the radar of the United States Securities and Exchange Commission (SEC) once again. This time around, Coinbase was indicted in a New York Federal Court earlier today for operating as an unregistered national securities exchange and broker according to the regulator. The lawsuit stated that Coinbase has been operating in this manner…
The stock of cryptocurrency exchange Coinbase plunged more than 20% at the open on June 6. At the time of publication, shares have pared some losses and are currently trading at $50.14, compared to an intra-day low of $46.43. The company’s market capitalization currently stands at $13.7 billion. The same day, the United States Securities and Commission filed a lawsuit against Coinbase, alleging the operations of an unregistered national securities exchange, broker and clearing agency and failing to register the offer and sale of its crypto asset staking-as-a-service program. SEC Chair…
“The legal fight will be long and costly for Coinbase, but it might be difficult to argue and prove that they didn’t commingle and unlawfully offer exchange, broker-dealer, and clearinghouse functions,” Edward Moya, a senior markets analyst at Oanda, said. Source
According to a statement published by the Alabama Securities Commission on June 6, a multi-state task force comprising of state regulators from Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Caroline, Vermont, Washington, and Wisconsin have issued a Show Cause Order against cryptocurrency exchange Coinbase. The order alleges that “Coinbase violates the securities law by offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities.” In particular, the order gives Coinbase 28 days to show cause why they should not be directed…
The Securities and Exchange Commission (SEC) has charged Coinbase, the largest cryptocurrency exchange in the United States, with operating an illegal trading platform that offered unregistered crypto asset securities. The securities watchdog also accused the platform of running a digital asset staking-as-a-service programme without authorization. In a complaint filed before a US district court in New York, SEC further alleged that Coinbase combines the functions of an exchange, brokerage and clearing agency–which are separated under US laws–without registering to engage in these activities. “All the while, Coinbase has earned billions…
The SEC’s lawsuit against Coinbase named thirteen altcoins as securities. Source
The US SEC has mysteriously deleted Hinman’s biography from its website ahead of the court’s imminent order to disclose unredacted emails from Hinman’s communications. The United States Securities and Exchange Commission (SEC) erased the biography of former commissioner William Hinman from its website eight days before the court demanded the financial watchdog to provide unedited copies of all of Hinman’s emails in its case against Ripple Labs. Before now, the SEC’s website contained important information about Hinman’s employment history, roles, and advisory contributions to the Commission. However, the updated biography…