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SEC to check Coinbase for illegal trading

SEC to check Coinbase for illegal trading

The U.S. Securities and Exchange Commission launched an investigation into a cryptocurrency exchange. The regulator believes the company may have traded unregistered securities.

As CNBC reported, citing anonymous sources, Coinbase could have been involved in trading unregistered securities. That allowed not only to reduce the amount of taxes, but also to conduct transactions with sanctioned market participants. 

A Coinbase representative told Reuters that the company did not place securities on its platform. At the same time, the head of the crypto exchange's legal department, Paul Grewal, stressed that they would cooperate with the SEC.

Last week, a former Coinbase employee was accused of insider trading. His brother Nikhil Wahi and an acquaintance, Samir Ramani, are also facing fraud charges from the U.S. Justice Department for making illegal transactions in at least 25 different cryptocurrencies, totaling about $1.5 million.

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