- Coinbase received a notice from Wells Fargo from the Stock and Exchange Commission today.
- The notice is related to the information provided by the exchange, including its acquisition plan.
Over the past few weeks, the Stock and Exchange Commission (SEC) has been actively working to log in to the password market. The committee that accused Justin Sun of violating the securities law also carried out actions against Coinbase, America's leading login password exchange. Notably, according to a SEC document, the EU National Commission sent a Wells Fargo notification to the password Exchange on March 22nd, 2023.
Coinbase will face law enforcement action
Wells Fargo's notice informs companies or individuals that the committee plans to take enforcement action against them. In addition, the notice is about illegal operation of securities, according to the filing document.
The relevant staff have informed our company that it has made a "basic confirmation" and proposed that SEC apply for enforcement action against our company, accusing our company of violating the Federal Securities Act, including the Securities Exchange Act of 1934.
The document further points out that the possible behavior will involve its loan business-Coinbase profits, and some matters related to the spot market, Coinbase Prime and Wallet services projects. Referring to the notice, Coinbase's CEO, Bobby Armstrong, made it clear that the committee knew about its listing process before the exchange launched it. Armstrong also said that his S1 filing contained 57 references to torture, further pointing out that
"looking forward to the future, the judicial process will provide an announcement and public release community forum in front of an organization, and at such a seminar, we will be able to make it clear to everyone that SEC's participation in cryptocurrency is at all unreasonable, effective, and not even serious."
Coinbase is not the only exchange that terminates lending services.
It is worth noting that Coinbase is not the only American login password exchange in radar detection, SEC's chip service. Earlier, SEC announced clear charges against the earnings plans of Gemini, another leading US exchange. The China Securities Regulatory Commission claimed that the offering was in line with securities law and that the exchange would have to apply for registration with regulators.
In addition, earlier today, the committee released charges against Justin Sun of TRON. The European Union National Commission declares that TRX and BitTorrent (BTT) tokens are securities. In addition, SEC accused eight celebrities of promoting and planning such unregistered securities.