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PC Gamer
PC Gamer
Jacob Ridley

Crypto exchange Coinbase just got slammed by the SEC: 'You simply can’t ignore the rules because you don’t like them'

SEC Coinbase United States Crypto
Brian Armstrong, co-founder and chief executive officer of Coinbase Inc., speaks during the Singapore Fintech Festival, in Singapore, on Friday, Nov. 4, 2022.

The crypto-trading platform Coinbase is being charged by the SEC in the US for acting as an unregistered securities exchange and broker, which essentially amounts to ruling against a big part of the company's whole schtick.

The SEC accuses the crypto platform of failing to register as a securities exchange, and thus unable to offer significant protections, including inspection by the SEC, recordkeeping, and safeguards. Also that it's been unlawfully running its staking-as-a-service program to allow people to earn profits from proof-of-stake algorithms common to a couple of major cryptocurrencies.

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