Why is the largest U.S based crypto exchange being sued?

Published

2 years ago

March 21, 2022

Brittany Coles

A class-action lawsuit has been filed against A Nasdaq-listed cryptocurrency exchange

Coinbase has been sued for allegedly selling 79 unregistered crypto securities including Dogecoin and Shiba.

dogecoin coinbase Digital Cryptocurrencies — KATWIJK, NETHERLANDS – JANUARY 29: In this photo illustration visual representations of digital cryptocurrencies, Dogecoin and Bitcoin, are displayed on January 29, 2021 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)

A class-action lawsuit was filed last week against Coinbase and CEO Brian Armstrong, as cited in Bitcoin News,

Coinbase users allege that from late 20-19 to now, Coinbase let customers buy and sell 79 different cryptocurrencies without disclosing that they are in fact securities.

They say that these crypto securities are not registered with the U.S. Securities and Exchange Commission and Coinbase is not registered as a securities exchange or a broker-dealer.

The lawsuit covers all persons or entities who transacted any of the 79 crypto tokens on Coinbase.

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