SEC sues Coinbase 24 hours after suing Binance

The SEC (Securities and Exchange Committee) has sued Coinbase, the largest cryptocurrency exchange service in the United States, for operating as a Illegal exchange service and as an unregistered brokerfor its Coinbase Prime service, as well as its own Coinbase Wallet.

This lawsuit comes 24 hours after the SEC also sued Binance for running an illegal cryptocurrency scheme and participating in an extensive network of deception. that affected thousands and thousands of users, this being one of the busiest weeks for the world of cryptocurrencies after the spectacular fall of FTX.

As we read in gizmodoit seems that the SEC lawyers say that Coinbase has taken billions of dollars since 2019 without registering with the SECdepriving users of critical protections such as regulatory inspections, record-taking requirements, and protections that prevent conflicts of interest.

For now, Coinbase has responded that the solution to existing problems is not litigationbut legislation that allows fair rules to exist so that the path can be developed in a transparent way, so that in the meantime, the company intends to operate as it has been done up to now.

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