Coinbase Faces Class-Action Lawsuit for Alleged Securities Violations
Coinbase cryptocurrency exchange is under attack once again. On May 3rd, the law firm Scott+Scott filed a class-action lawsuit against the exchange on behalf of clients from California and Florida. The lawsuit accuses Coinbase of knowingly and systematically violating securities laws in these states.
Lawyers claim that digital assets such as Solana (SOL), Polygon (MATIC), and Stellar (XLM) listed on the Coinbase platform are securities. According to them, the exchange violated the law by trading unregistered securities and providing brokerage services without the necessary license.
In response, Coinbase representatives stated that the accusations are legally unfounded. They expressed confidence in their ability to refute all claims in court.
Scott+Scott lawyers have requested a jury trial and demand that Coinbase compensate traders for their losses and cover their legal expenses.
It is worth noting that a similar lawsuit was filed against Coinbase in 2021, but it was dismissed in 2023. However, the plaintiffs filed an appeal, and recently the appellate court sent the case back for reconsideration. This opens up a new opportunity for exchange clients to receive compensation for damages they believe are a result of Coinbase’s unlawful activities.
