Written in CRYPTO he
What a blow the platform just received cryptocurrencies coinbasethis due to demand filed against him by the Securities and Exchange Commission of the United States (SEC), an organization that gave this company a setback and that today has investors concerned about the measures that are going to be taken now on, but mostly because of the transactions they had already made. What was the source of the claim?
After the lawsuit was made known, the shares of said virtual currency platform fell significantly, that is, its electronic activities within the New York Stock Exchange dropped by 20%, a situation that puts it in severe problems, being coinbase the only platform that until now has been listed in the US since 2021.
The lawsuit filed by the SEC registers 13 charges against said platform cryptocurrencys, as well as towards its founder, the Canadian businessman Changpeng Zhaowho is directly accused of “blatantly ignoring US stock market laws, as well as making billions of dollars, putting his clients’ investments at latent risk.”
The commission reported that the founder of coinbase deliberately decided to evade the regulations, all with the sole objective of maximizing their profits, but not those of their clients and violating their assets.
Why is there a lawsuit against Coinbase?
According to a statement issued by the SEC itself, the demand against coinbase it has to do with irregular management of its users’ funds, as well as lying to its investors and regulators. He also stated that this cryptocurrency platform did not report the supply or demand of its staking service, that is, its bet on digital currencies, just as it decided to omit its operations with a clearing house that guarantees exchanges between investors and credit institutions. .
The same commission also indicated in its communiqué that another aspect that the demand the thing is coinbase It is not registered, a fact that has deprived its investors and users not only of profits, but also of data protection, something that could seriously violate the security of its clients.
In addition to having lowered the value of its shares, the bitcoins it also suffered the effect of this lawsuit filed by the United States Securities and Exchange Commission, which was reduced by 2% and which is worth close to half a billion dollars.
On the other hand, the Binance Coin, another cryptocurrency Linked to the aforementioned platform and the fourth digital currency globally, it also suffered the ravages of this unfortunate situation, thus losing 5% of its value in less than an hour.
Meanwhile the founder of the platform, Changpeng Zhao, used his official Twitter account to say that he and his team are already working to keep their systems stable, including activities such as deposits and withdrawals; and that once they have access to the legal document, that is, the demand, they will give way to a response.
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