Two law firms have filed lawsuits against Coinbase for allegedly making fraudulent representations about its business practices.
a claim against the exchange, alleging that it is entitled to compensation for any losses incurred as a result of the defendant's violations of federal securities laws. This lawsuit was filed to compensate the plaintiffs.
In both complaints, plaintiffs claim that Coinbase made fraudulent and deceptive representations regarding the company's business, operations, and compliance efforts between Apr. 14, 2021 and July 26, 2022. According to the complaints, Coinbase neglected to disclose that client cryptocurrency was kept in escrow at Coinbase, making it part of a bankruptcy estate subject to bankruptcy proceedings in which customers would be treated as general unsecured creditors of the company.
Furthermore, Coinbase reportedly refused to disclose that it permitted U.S. citizens to trade digital assets that—despite its knowledge and complacency—required SEC registration as securities. As such, the lawsuits claim that Coinbase's public representations were always, to a significant extent, false and deceptive as a result of the preceding actions.
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