On February 8, 2025, an American federal judge spent Coinbase, a prominent exchange of encryption, must face a lawsuit from customers who accuse her of selling illegally unregistered securities.
Judge Paul Engemayer of the US District Court in Manhattan rejected the Coinbase argument that she was not a “legal seller” under federal securities laws. “Customer customers only deal with Coinbasse himself,” the judge stated, noting that the stock exchange is qualified as a seller of 79 symbols mentioned.
A major legal kick for Coinbase! The judge has spent that they must face a collective lawsuit over the demands of sales of securities illegally, including the distinctive symbols $ Soland $ Maticand $ Nearand $ ManaAnd $ Algo. Coinbase insists that they do not sell securities – will they return?
#Crypto #Coinbase
– Quaint (Crypto_quain) February 7, 2025
The ruling also supports a lawsuit under the laws of California, Florida and New Jersey, saying that customers have claimed enough that Coinbase sold symbols directly. However, Coinbase maintains its position, stressing that “Coinbase does not include, offer or sell securities to exchange them.”
Another legal problem for Coinbase after the SEC suit
The new legal problem is a major setback for Coinbase, which previously witnessed this lawsuit that was rejected in February 2023. However, the Court of Appeal in the second American circle of the main parts of the case revealed last April. Customers are looking for unspecified compensation.
The stock exchange is also fighting a lawsuit from the US Securities and Stock Exchange Committee (SEC), which claims that Coinbase allowed the circulation of symbols that should have been registered as securities.
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