The U.S. securities regulator has alleged that Coinbase has been operating as an unregistered securities exchange, broker, and clearing agency since 2019.
The exchange pointed out that it had met with the SEC 30 times in 2022 seeking regulatory guidance, and that it will “vigorously defend” itself.
Coinbase CEO Brian Armstrong appears on stage at the 2014 TechCrunch Disrupt Europe/London, at The Old Billingsgate on October 21, 2014 in London, England. Anthony Harvey/Getty Images for TechCrunch
The U.S. regulator has alleged that the platforms offered unregistered securities to the general pubic in the form of the BNB token and BUSD stablecoin.
Binance was also accused of failing to register as an exchange, and that it had comingled funds between its global and U.S. platforms.
Changpeng Zhao, Co-Founder & CEO of Binance, during day one of Web Summit 2022 at the Altice Arena in Lisbon, Portugal, 2 November, 2022. Ben McShane/Web Summit via Sportsfile
Bybit is the latest exchange following Binance and OKX to announce its departure from the Canadian market due to “recent regulatory development”.
Canadian nationals will no longer be able to open new accounts starting Wednesday, while existing users have until 30 September to withdraw their assets from the platform.