SEC launches investigation into Coinbase crypto exchange
The regulator suspects the platform of trading unregistered securities
26.07.2022 - 07:25
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What’s new? The US Securities and Exchange Commission (SEC) has launched an investigation into the US cryptocurrency exchange Coinbase. The regulator intends to find out whether the platform offered digital assets that are securities but do not have the appropriate registration, for trading to US citizens. This is reported by Bloomberg.
What else is known about the incident? The SEC’s attention to Coinbase increased after the platform expanded the number of tokens available for trading, two sources told Bloomberg. In total, more than 200 coins are listed on the exchange and 510 trading pairs are available. As of July 26, the daily trading volume exceeded $1,6 billion.
Last week, Coinbase product manager Ishan Wahi was charged with insider trading in cryptocurrencies. This was the first such case in the history of the United States. Together with two accomplices, he was buying coins on the eve of listing on Coinbase for further profitable resale after listing. Under this scheme, the scammers earned $1,5 million on the listings of 25 cryptocurrencies.
In June, the SEC also began inspecting crypto exchanges to determine whether they had measures in place to counter insider trading.
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