Connect with us

Hi, what are you looking for?

World News

Crypto exchange Coinbase faces SEC probe over securities – Bloomberg News

The US Securities and Exchange Commission (SEC) is investigating whether Coinbase Global Inc improperly let Americans trade digital assets that should have been registered as securities, Bloomberg News reported on Monday.

In an emailed response, a Coinbase spokesperson told Reuters that the company does not list securities on its platform, while its legal head Paul Grewal said they looked forward in engaging with the SEC on the matter.

“We are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform,” Mr. Grewal added.

The SEC‘s scrutiny has increased ever since the crypto trading platform expanded the number of tokens in which it offers trading, Bloomberg report added, citing two sources. (https://bloom.bg/3OyXrBk)

The U.S. securities regulator did not respond to Reuters’ request for a comment on the report.

The probe by the SEC‘s enforcement unit predates its investigation into an alleged insider trading scheme that was revealed last week.

In the first insider trading case involving cryptocurrency, US prosecutors had charged Ishan Wahi, a former product manager at Coinbase, for sharing confidential information about forthcoming announcements of new cryptocurrency assets that Coinbase would allow users to trade through its exchange.

In related civil charges, the SEC alleged that Mr. Wahi’s brother Nikhil Wahi and their friend Sameer Ramani purchased and sold at least 25 crypto assets for a profit, nine of which the agency identified as securities.

The SEC declined to confirm at the time whether it would pursue action against Coinbase for listing the tokens deemed securities in the complaint.

The cryptocurrency platform has previously asked the SEC to develop rules that work for digital asset securities. – Reuters

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Economy

THE Asian Development Bank (ADB) said school closures during the pandemic worsened student progression and future livelihoods, particularly for poor students and girls, in the...

World News

WASHINGTON – Advisers to the US Homeland Security Department said there was no need for the Disinformation Governance Board created by President Joe Biden’s administration earlier this year. The recommendation from a Homeland Security...

Economy

THE Pharmaceutical and Healthcare Association of the Philippines (PHAP) said it is confident that the Philippines can be developed as a hub for the industry,...

Economy

I can only imagine the worry that taxpayers feel when they receive a Letter of Authority (LoA) from the Bureau of Internal Revenue (BIR)....

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2022 FutureMoneyFate.com All Rights Reserved. Spirit