{"id":481732,"date":"2022-08-05T17:35:43","date_gmt":"2022-08-05T14:35:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-hit-with-2-fresh-lawsuits-amid-sec-probe\/"},"modified":"2022-08-05T17:35:43","modified_gmt":"2022-08-05T14:35:43","slug":"coinbase-hit-with-2-fresh-lawsuits-amid-sec-probe","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-hit-with-2-fresh-lawsuits-amid-sec-probe\/","title":{"rendered":"# Coinbase hit with 2 fresh lawsuits amid SEC probe"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a287a257910c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a287a257910c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-hit-with-2-fresh-lawsuits-amid-sec-probe\/#%E2%80%9D_Coinbase_hit_with_2_fresh_lawsuits_amid_SEC_probe_%E2%80%9C\" >&#8221; Coinbase hit with 2 fresh lawsuits amid SEC probe &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_hit_with_2_fresh_lawsuits_amid_SEC_probe_%E2%80%9C\"><\/span>&#8221; Coinbase hit with 2 fresh lawsuits amid SEC probe &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZjNiNDlhMjQtY2E3NC00NjQ0LTg1NGQtMGI0YWRlODY5NjE4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Coinbase is now facing increased scrutiny from regulators, with the company now becoming the target of multiple lawsuits. The San Francisco-based cryptocurrency exchange, which is presently being investigated by the United States Securities and Exchanges Commission (SEC), now faces two additional legal claims from two law firms.<\/p>\n<p>On Thursday, New York-based legal firm Bragar Eagel &amp; Squire <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20220804006086\/en\">revealed<\/a> that it would be suing Coinbase for making deceptive claims about its business practices. Pomerantz LLP has also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/08\/04\/2492921\/0\/en\/Pomerantz-Law-Firm-Announces-the-Filing-of-a-Class-Action-Against-Coinbase-Global-Inc-and-Certain-Officers-COIN.html\">filed<\/a> a claim against the exchange, alleging that it is entitled to compensation for any losses incurred as a result of the defendant&#8217;s violations of federal securities laws. This lawsuit was filed to compensate the plaintiffs.<\/p>\n<p>In both complaints, plaintiffs claim that Coinbase made fraudulent and deceptive representations regarding the company&#8217;s business, operations and compliance efforts between April 14, 2021 and July 26, 2022. According to the complaints, Coinbase neglected to disclose that client cryptocurrency was kept in escrow at Coinbase, making it part of a bankruptcy estate subject to bankruptcy proceedings in which customers would be treated as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> unsecured creditors of the company.<\/p>\n<p>Furthermore, Coinbase reportedly refused to disclose that it permitted U.S. citizens to trade digital assets that\u2014despite its knowledge and complacency\u2014required SEC registration as securities. As such, the lawsuits claim that Coinbase&#8217;s public representations were always, to a significant extent, false and deceptive as a result of the preceding actions.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Coinbase SEC investigation could have \u2018serious and chilling\u2019 effects: Lawyer<\/em><\/strong><\/p>\n<p>Coinbase has been involved in several court cases and controversial situations in the past. The two fresh lawsuits arrive as Coinbase is being investigated by the SEC for allegedly trading unregistered securities. Ishan Wahi, a former global product manager for Coinbase, is being accused of insider trading in a separate lawsuit. However, earlier this month, Wahi pleaded not guilty to two counts of wire fraud conspiracy in a Manhattan federal courtroom.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-hit-with-2-fresh-lawsuits-amid-sec-probe\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase hit with 2 fresh lawsuits amid SEC probe &#8220; Coinbase is now facing increased scrutiny from regulators, with the company now becoming the target of multiple lawsuits. The San Francisco-based cryptocurrency exchange, which is presently being investigated by the United States Securities and Exchanges Commission (SEC), now faces two additional legal claims from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":481733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZjNiNDlhMjQtY2E3NC00NjQ0LTg1NGQtMGI0YWRlODY5NjE4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,117,70934,67874],"class_list":["post-481732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-business","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/481732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=481732"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/481732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/481733"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=481732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=481732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=481732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}