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Unregistered Offer and Sale of Securities in Connection with Staking-as-a-Service Program (CGI), is a control person of Coinbase and is thus also liable for certain of Coinbase’s violations. The SEC’s complaint also alleges that Coinbase’s holding company, Coinbase Global Inc. Provides facilities for comparison of data respecting the terms of settlement of crypto asset securities transactions, serves as an intermediary in settling transactions in crypto asset securities by Coinbase customers, and acts as a securities depository.Īs alleged in the SEC’s complaint, Coinbase’s failure to register has deprived investors of significant protections, including inspection by the SEC, recordkeeping requirements, and safeguards against conflicts of interest, among others.
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Engages in the business of effecting securities transactions for the accounts of Coinbase customers and.Provides a marketplace and brings together the orders for securities of multiple buyers and sellers using established, non-discretionary methods under which such orders interact.Through these unregistered services, Coinbase allegedly: The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law. Unregistered Exchange, Broker, and Clearing AgencyĪccording to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The Securities and Exchange Commission today charged Coinbase, Inc.
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