June 6 (UPI) -- The Securities and Exchange Commission filed a complaint against Coinbase on Tuesday, accusing the firm of operating an unauthorized cryptocurrency exchange.
The SEC's complaint, filed in U.S. District Court for the Southern District of New York, accuses the firm of "unlawfully facilitating the buying and selling of crypto asset securities," intertwining "the traditional services of an exchange, broker and clearing agency without having registered any of those functions with the commission as required by law."