It was just weeks ago that CEO of Coinbase, Brian Armstrong, detailed Coinbase’s strategy to transform the company’s internal procedures and a vision to compete in stature with legendary tech companies such as Tesla and Amazon, but once again, Coinbase is finding itself in the headlines with another PR nightmare, making news for the wrong reasons. This time, it appears more serious. It has been reported that the SEC is probing Coinbase, the publicly trading company, on suspicion it allowed U.S. persons to trade unregistered securities. As reported by Bloomberg, the regulator was investigating some of the tokens listed on the exchange. Allegedly, seven cryptocurrencies listed on Coinbase were securities in an unrelated insider trading case brought against a former product manager at the exchange. Last week, federal prosecutors arrested a former Coinbase product manager, Ishan Wahi. Wahi was accused of tipping off his brother when new tokens were scheduled to be listed, which allowed them to make about $1.5 million in profit by buying lightly traded cryptocurrencies ahead of new listings.
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SEC Probe On Coinbase Can Change EVERYTHING
