The SEC said Coinbase has since at least 2019 made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors.
of operating illegally because it failed to first register with the regulator.case against BinanceBoth civil cases are part of SEC Chair Gary Gensler’s push to assert jurisdiction over crypto markets, which he on Tuesday again labeled a “Wild West” of investing, and protect investors while shoring up their trust in capital markets.
Founded in 2012, Coinbase recently served more than 108 million customers. Above, Coinbase CEO Brian ArmstrongPaul Grewal, Coinbase’s general counsel, in a statement said the company will continue operating as usual and has a “demonstrated commitment to compliance.” Coinbase customers pulled more than $57 million from the exchange within a couple of hours of the filing, according to data firm Nansen.
Tuesday’s complaint addressed several aspects of Coinbase’s business including Coinbase Prime, which routes orders; Coinbase Wallet, which lets investors access liquidity; and the Coinbase Earn staking service. The SEC had warned Coinbase in March that charges might be coming. It said the company was “fully aware” that its business was subject to federal securities laws, but ignored it.“You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones,” SEC Enforcement Chief Gurbir Grewal said in a statement.
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