The company did not immediately respond to a request for comment. Shares of Coinbase fell 20 per cent after the lawsuit was filed Tuesday morning. "Illinoisans who invest their money in Coinbase or any other digital asset trading business deserve both security and transparency and my office intends to hold crypto companies to the highest standards." In the future, US users will be restricted to the Binance.US exchange. "This action will protect consumers and investors to ensure they can make informed and safe decisions in Illinois and across the nation," said Illinois's Secretary of State Alexi Giannoulias. button.readtimetemplate Binance is one of the largest cryptocurrency exchanges in the world (Image: Shutterstock) In brief Binance has warned US users that they have two weeks to leave. states announced legal action against the company for violating various state-level laws. 20 states join legal fightĪfter the SEC's lawsuit came to light, more than 20 U.S. to Coinbase and suing Beaxy, and the CFTC suing Binance and seeking permanent injunctions to also stop Binance from working with US-based customers. The regulator is seeking "injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief." Though the penalties are monetary in nature, in essence the regulator is trying to force the company to completely overhaul the way it operates, or be shut down. "Coinbase's alleged failures deprive investors of critical protections, including rule books that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest and routine inspection," SEC chair Gary Gensler tweeted. Crypto exchange Coinbase lays off another 20% of staff. "Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors," the SEC said in its complaint. The SEC alleges that Coinbase has raked in billions of dollars for themselves by being the middle man between buyers and sellers of cryptocurrency, but doesn't give those market participants the protection against things like conflicts of interest that they would get if they traded on something like a stock exchange. In a complaint filed in federal court in Manhattan, the SEC said that at least since 2019, Coinbase has operated as an unregistered broker by handling cryptocurrency transactions that flout regulatory requirements designed to keep investors safe. federal court to freeze some assets of Binance, the largest cryptocurrency exchange in the world. crypto asset trading platform, accusing it of operating illegally. The Securities and Exchange Commission (SEC) is suing Coinbase Inc., the largest U.S. accused Zhao and his company of misleading investors about Binance's ability to detect market manipulation as well as of misusing customer funds and sending. stock market regulator took legal action on Tuesday against a major cryptocurrency firms. US regulators are seeking to ban Binance, the worlds largest crypto trading platform, alleging that the firm has been operating in the country illegally.
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