The crypto platform has come under the scrutiny of the US Securities and Exchange Commission.
(Photo: Reuters)
new York Coinbase Global says it has been notified by the US Securities and Exchange Commission about investigations into the crypto platform. A Wells Notice was received, Coinbase announced on Wednesday after the US market closed.
Such letters signal that SEC employees want to recommend steps against the company concerned. However, these are not always initiated. A Wells Notice does not necessarily indicate a violation of the law. In this case, the focus would be on the products Coinbase Earn, Coinbase Prime and Coinbase Wallet, it said. Coinbase shares initially fell 12 percent in after-hours trading.
The stock exchange supervisory authority also announced further lawsuits against members of the crypto scene on Wednesday evening: The founder and Grenadian diplomat Justin Sun is accused of fraud, among other things. The SEC also wants to take action against celebrities who endorsed Sun’s crypto assets Tronix and BitTorrent. These include actress Lindsey Lohan, YouTuber and boxer Jake Paul, and rapper Soulja Boy.
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