Today the Securities and Exchange Commission (SEC) has filed a lawsuit against the Coinbase cryptocurrency exchange, alleging that it failed to register as a securities broker dealer, exchange, and clearing agent. It also filed claims over Coinbase’s operation of its staking service.
The news comes a day after the regulator sued Binance. While there are commonalities between the two lawsuits, the Binance filing had similar claims to Coinbase and several additional ones. The Binance suit included allegations of conflict of interest in dealing with market makers owned by the Binance CEO, a fact that was not disclosed.
Although the Coinbase lawsuit amounts to more than a hundred pages, it primarily sticks to the four core claims.
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