Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward. “The SEC’s actions undermine America’s role as a global hub for financial innovation and leadership. Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.
In response, Binance said, “We intend to defend our platform vigorously. District Court for the District of Columbia, alleges that, since at least July 2017, and Binance.US, while controlled by Zhao, operated as exchanges, brokers, dealers, and clearing agencies and earned at least $11.6 billion in revenue from, among other things, transaction fees from U.S. investors, Zhao and Binance secretly controlled the Binance.US platform’s operations behind the scenes. Further, the SEC alleges that, while Zhao and Binance publicly claimed that Binance.US was created as a separate, independent trading platform for U.S. customers to continue trading on the platform.
customers were restricted from transacting on, Zhao and Binance in reality subverted their own controls to secretly allow high-value U.S. “Among other things, the SEC alleges that, while Zhao and Binance publicly claimed that U.S. which, together with Binance, operates the crypto asset trading platform, Binance.US and their founder, Changpeng Zhao, with a variety of securities law violations. which operates the largest crypto asset trading platform in the world, U.S.-based affiliate, BAM Trading Services Inc. The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation.”Īs far as Binance, the SEC said, “The Securities and Exchange Commission today charged Binance Holdings Ltd. In response, Paul Grewal, Coinbase’s general counsel, said, “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness.
#Coinbase transaction fees too high plus
The complaint seeks injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief.”
#Coinbase transaction fees too high registration
District Court for the Southern District of New York, alleges that Coinbase and CGI violated certain registration provisions of the Securities Exchange Act of 1934 and that Coinbase violated the securities offering registration provisions of the Securities Act of 1933. , is a control person of Coinbase and is thus also liable for certain of Coinbase’s violations. “The SEC’s complaint also alleges that Coinbase’s holding company, Coinbase Global Inc. The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law. “According to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The United States Securities and Exchange Commission has filed charges against two of the most prominent crypto companies in the world, with today’s charges against Coinbase following after the charges it filed against Binance yesterday.Ī statement from the SEC about the Coinbase matter said, “The Securities and Exchange Commission today charged Coinbase, Inc.
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