Crypto winter

Coinbase: two new lawsuits in SEC investigation

Coinbase is currently the subject of multiple lawsuits and is receiving increasing attention from regulators.

The San Francisco-based crypto-exchange, which is currently under investigation by the Securities and Exchange Commission (SEC), is currently facing two more lawsuits from two different law firms.

Both firms are suing Coinbase for fraudulent claims related to its operations. In a separate lawsuit against the exchange, Pomeranz LLP says it is entitled to damages for losses resulting from the defendants’ violations of federal securities laws. In this lawsuit, the plaintiffs seek financial relief.

The plaintiffs in both complaints allege that between April 14, 2021 and July 26, 2022, Coinbase made false and misleading statements about its business, operations and compliance practices. According to the indictment, Coinbase was subject to a bankruptcy proceeding that recognized its customers as general unsecured creditors of the company because it failed to disclose that its customers’ bitcoins were being blocked by the company.

In addition, Coinbase allegedly concealed information that it allowed Americans to trade digital assets and was deceptive.

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