Ex-SEC Official Issues Serious Warning About Crypto Platforms Amid Escalating Regulatory Pressure: 'Get Out Of Crypto Platforms Now'
Portfolio Pulse from Bibhu Pattnaik
Former SEC official John Reed Stark warns investors to exit crypto platforms due to escalating regulatory pressure. He highlights the lack of oversight and investor protections on these platforms. The SEC has initiated legal proceedings against Binance and sued Coinbase Global, Inc. (NASDAQ: COIN) for allegedly enabling illegal transactions.
June 10, 2023 | 5:25 pm
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Coinbase faces legal action from the SEC for allegedly enabling illegal transactions since 2019, intertwining the roles of exchange, broker, and clearing agency without proper registration.
The legal action against Coinbase by the SEC is a significant negative development for the company. The allegations of enabling illegal transactions and lacking proper registration could lead to fines, penalties, and reputational damage, potentially impacting the stock price in the short term.
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