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The tumbling cryptocurrency market has left no space for the crypto exchanges to peek into the growing stages. In such a hard time, a struggling crypto currency firm, Coinbase faces another class-action lawsuit. The lawsuit describes the company as misleading their users and investors on various fronts. The lawsuit majorly focuses on the safety of assets stored by the customers on the server.
Bragar Eagel & Squire P.C. filed a class action lawsuit against Coinbase Global Inc. in the U.S District Court, New Jersey. The suit seeks enlisting customers who Either purchased or acquired Coinbase securities. The case enlists the customers who were involved with the crypto exchange between April 4th, 2021 to July 26th, 2022. The customers who tend to join the class can join till October 3rd.
A recent report shows that the U.S. Securities and Exchange Commision (SEC) was investigating the crypto exchange, Coinbase, for failing to register a few digital assets as securities. The crypto exchange firm was allowing the customers to trade these digital assets without prior informing them. The customers were unknowingly dealing in digital assets which were not registered securities.
Bragar Eagel & Squire P.C. filed a representative action alleging that Coinbase created a falsity in their statements about the Company’s business. They also made materially false statements about ‘Company Policies’ and business operations. These actions from Coinbase encircled them with regulatory and governmental scrutiny and enforcement actions. The regulatory actions against Coinbase from different entities compromised the assets stored on the platform by their customers.
This is not the first time Coinbase is under the regulatory spotlight. In June, a class action was filed alleging that Coinbase didn’t inform their customers of the risk of underpinning TerraUSD stablecoin. Also, the company never disclosed to the customers that the venture capital division of Coinbase backed Terraform Labs. Another such case filed alleged Coinbase for being reckless on listing the GYEN stablecoin that lost its peg to Japanese Yen.
The struggling crypto exchange, Coinbase, has faced several lawsuits as of now. From passing the BTC token as bitcoins to hiding crucial facts from the customers. Coinbase is continuously hitting the nerve of financial regulatory bodies every now and then. It’s just a question of time now, what will the next phase of this class action against Coinbase bring to us.
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