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  • Writer's pictureGerard Kavanagh

Coinbase Emerges Victorious in Case Over Unregistered Securities Claims

Updated: Feb 9

Source: AdobeStock / gguy

Major crypto exchange has achieved success in its legal battle related to a lawsuit filed by a group of clients who claimed the platform facilitated the sale of unregistered securities and failed to register as a broker-dealer. The exchange managed to secure a dismissal of the class-action suit.

The disenchanted customers behind the suit, which was filed with a New York federal court in October 2021, requested damages resulting from the sale or soliciting of some 79 digital assets by Coinbase. The plaintiffs claimed the sale represented illegal contracts as the platform is not registered with the U.S. regulator, the Securities and Exchange Commission, Reuters reported.

U.S. District Judge Paul Engelmayer in Manhattan ruled that clients who used the services of the Coinbase and Coinbase Pro trading platforms failed to demonstrate that the platform sold or held title to the 79 crypto assets they traded. The plaintiffs said that, in contrast with platforms that match buyers and sellers, the exchange acted as an "intermediary," and this made it the "actual seller" of the digital assets. Read the full article here

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