Coinbase Sued By Customers
Visa Study Says 90% of Stablecoin Transactions Come From Bots, Uniswap Adds Candlestick Charts
Six Coinbase customers have filed a class-action lawsuit against the company, accusing it of violating state and federal securities laws by selling "unregistered securities". Filed in the Northern District of California.
Coinbase Global, Inc., CEO Brian Armstrong, and subsidiaries are the defendants in the case.
The plaintiffs are alleging that Coinbase itself acknowledges in user agreements that it's operating as a securities broker, dealing with investment securities.
Also, Coinbase is accused of misleading customers with regard to regulatory compliance, where it allegedly claims to be regulated without having broker-dealer registrations.
The class-action suit is seeking recission, injuctive relief, and statutory damages.
Tokens mentioned in the suit include SOL, MATIC, MANA, NEAR, UNI, and others - deemed to be securities.
This comes following a similar, recent class-action suit also regarding the selling of unregistered securities, where Coinbase secured a major win.
Coinbase is also facing the SEC with nearly the same accusations, but continues having decent financial results. In Q1, Coinbase saw $1.6B in total revenue and $1.2B in net income.
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