US sues Coinbase as crypto crackdown widens

The US has accused the country's largest cryptocurrency trading platform of operating illegally, expanding the crackdown on the industry. The Securities and Exchange Commission said the company acted as an investment broker subject to SEC rules but failed to register properly. The alleged perpetrators mentioned defended themselves by stating that the rules were not completely clear.

Authorities have pledged to police the industry more aggressively using existing rules.

The SEC, in response, reported that "Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them."