Cryptocurrency News
Insider Trading: Coinbase Draws Heat For Crypto Fraud and Breaking US Regulations
America’s #1 Crypto Exchange Named By SEC & DOJ In Historic Insider Trading Case
In The News
Last week, Coinbase drew heat from the media circuit, as news broke that the SEC and DOJ had arrested one ex-Coinbase employee for insider trading.
The former product manager had been tipping off his brother and a friend about coins before the cryptocurrencies were listed on the popular exchange.
Before the trio was finally caught, they had raked in over $1 million in profits from their fraudulent trading.
The Other Surprising News
In the SEC’s official “insider trading” complaint, which the regulator filed on July 21, 2022–they classified nine altcoins as “securities.”
The historic SEC complaint added fuel to the much-heated debate of whether cryptocurrencies are, in fact, a currency, a commodity, or a security.
The complaint didn’t charge the coin issuers with fraud, but the SEC did list them for the public to see. Those cryptocurrencies include:
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