The filing of a lawsuit by the SEC against Coinbase dropped the crypto exchange’s shares by 13%, according to trade data. The Securities and Exchange Commission requires Coinbase to return part of the profits that were allegedly obtained illegally.

SEC lawsuit filed against Coinbase reduced company shares by 13%

Shares of one of the world’s largest crypto exchanges, Coinbase, fell 13% during trading on the Nasdaq exchange.

The fall in the value of Coinbase securities was preceded by the news that the SEC (US Securities and Exchange Commission) filed a lawsuit against the cryptocurrency exchange. In it, the SEC demands to force Coinbase to comply with the laws and return part of the profits that were allegedly obtained illegally.

The commission insists that the cryptocurrency exchange allowed clients to trade cryptocurrency tokens that were not registered as securities, which violates the site’s rules. Furthermore, Coinbase is not a registered broker and has been operating in this status since 2019, the SEC notes.


Kirill Bilyk

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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