Crypto: Coinbase again in the sights of the authorities

Coinbase more than ever in the sights of the American financial authorities. The activities of the cryptocurrency exchange platform are closely scrutinized by the Securities and Exchange Commission (SEC). The latter suspects that Coinbase has allowed its customers to trade assets that should have been registered as financial stocks, three sources familiar with the matter tell Bloomberg. An investigation would have been opened.

“We are confident that our rigorous due diligence process – a process that the SEC previously reviewed – will remove the securities from our platform and we look forward to engaging with the SEC on the matter,” the Chief Legal Officer said on Twitter. Paul Grewal. For several months, rumors have risen in Washington that U.S. regulators are stepping up their controls on cryptocurrency exchanges as their ratings plummeted, wiping out hundreds of billions of dollars of market value.

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Coinbase points to 7 risks that weigh on its future and on that of cryptocurrencies

The largest American trading platform, Coinbase allows you to trade more than 150 tokens. If these products are considered securities, the company may need to register with the SEC. Shares of Coinbase fell from $ 14.14 to $ 52.93 in New York after the news broke.

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Coinbase has been at war with the regulator for several months. As Bloomberg recalls, last week the platform asked the SEC to propose clearer rules regarding cryptocurrencies. Tensions escalated on July 21 when the SEC accused one of the company’s former employees of insider trading by leaking information to help his brother and a friend buy tokens prior to their introduction on the platform.

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