The United States has charged the country’s largest cryptocurrency trading platform with operating unlawfully, broadening its crackdown on the industry.

According to the Securities and Exchange Commission, Coinbase worked as a broker, exchange, and clearing agency for SEC-regulated investments without legally registering.

According to the regulator, this allowed the corporation to avoid oversight, including safeguards against conflicts of interest.

Coinbase stated that the guidelines were unclear.

Coinbase (COIN) shares fell 16% in early trading Tuesday, opening at a 2023 low of $48.43 after falling over 9% following Monday’s announcement of charges against Binance. At the time of writing, Coinbase was trading at $51.31, down 12.60% on the session.

Following the SEC’s legal battle with cryptocurrency exchange platforms, the values of the two main cryptocurrencies in the crypto ecosystem fell precipitously. Bitcoin fell to $25,522, while Ethereum fell below its key level of support of $1,800. However Mondays losses have mostly been recovered by the time of writing. Bitcoin currently trades at $26744, while Ethereum is at $1880.

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