SEC files suit against Coinbase

The SEC is suing Coinbase. The US-based crypto exchange is allegedly running an unlicensed business, putting investors at risk.

The lawsuit by the SEC vs Binance is less than 24 hours old, and the U.S. securities regulator is now firing directly against the next crypto giant: Coinbase.

According to a press release the authority is filing a lawsuit against the crypto platform in New York. According to the SEC, Coinbase is an unlicensed stock exchange, brokerage and clearing house. The San Francisco-based company has also failed to register its strike program.

Ultimately, in doing so, the crypto exchange had "materially" compromised investor protections, they add.

It is a new high point in a dispute that has been sweeping through the crypto landscape in the U.S. for months. In March, the SEC issued a Wells Notice against Coinbase. In late April, Coinbase turned the tables and, in its own legal action, demanded clarity on what digital assets the SEC said were securities.