Please use Chrome browser for a more accessible video playerCoinbase was earlier this year sent a so-called 'Wells Notice' by the SEC which is usually an indicator of looming legal action.Coinbase Prime routes orders to Coinbase's platform and others while Coinbase Wallet lets investors access liquidity outside Coinbase's platform.
The SEC claims Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the commission, as required by law. "While Coinbase's calculated decisions may have allowed it to earn billions, it's done so at the expense of investors by depriving them of the protections to which they are entitled.SEC chair Gary Gensler tweeted:"Coinbase's alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection.
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