Financial Services
Coinbase, IncHeadquarters
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- Pending Government Action:Government Action: BBB reports on known government actions involving business’ marketplace conduct:SECURITIES AND EXCHANGE COMMISSION -against COINBASE, INC. AND COINBASE GLOBAL, INC.
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government’s allegations, which have not yet been proven.
On June 6, 2023, the Securities and Exchange Commission (SEC) charged Coinbase and Coinbase Global Inc. (Case 1:23-cv-04738) with operating and trading crypto assets as an unregistered national securities exchange, broker and clearing agency. Coinbase is also being charged with failure to register the offer and sale of its crypto asset staking as a service program as well as operating as an unregistered broker through two services it offered investors through Coinbase Prime and Coinbase Wallet.
According to court documents, it is alleged that since 2019 Coinbase has been offering these services in violation of multiple registration provisions of the Securities and Exchange Act. Failure to register deprived investors of protections which include inspections by SEC, recordkeeping requirements, and safeguards against conflicts of interest.
The case is currently pending.
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