First Binance, now Coinbase: US securities regulators are taking action against the largest crypto exchanges. Coinbase stock loses significant value.

The US Securities and Exchange Commission is suing Coinbase Inc., the largest US cryptocurrency trading platform. In a federal court in Manhattan, she accused the company of operating illegally without first registering with the supervisory authority. Coinbase has been operating as an unregistered broker since at least 2019, processing cryptocurrency transactions and circumventing disclosure requirements to protect investors.

Only on Monday did the SEC once again sue the world’s largest crypto exchange Binance and its founder Changpeng Zhao – among other things, it was about a missing license.

“Coinbase’s alleged failings are stripping investors of key protections, including anti-fraud and anti-tampering rules, proper disclosure, conflict of interest safeguards and routine controls,” SEC Chairman Gary Gensler tweeted. Coinbase shares fell almost 16 percent in premarket trading after the lawsuit was filed.