Coinbase Faces SEC Probe on Crypto Listings; Shares Fall

Coinbase Global Inc. is facing a U.S. probe into whether it improperly let Americans trade digital assets that should have been registered as securities. The company’s shares fell as much as 9.2%. The U.S. Securities and Exchange Commission’s scrutiny of Coinbase has deepened since the company’s platform broadened the number of tokens in which it offers trading, according to two people, who asked to remain anonymous since the inquiry has not been disclosed publicly. The probe by the SEC’s enforcement unit predates the agency’s investigation into an alleged insider trading plot that led the regulator to sue a former Coinbase manager and two others. The push for U.S. regulators to do more to oversee cryptocurrencies has strengthened as digital currencies have dropped from all-time highs, wiping out hundred of billions of dollars in market value.

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