Crypto users face account lockouts

Crypto users face account lockouts, security concerns in Coinbase lawsuit

A class-action lawsuit has been filed against Coinbase by a user who claims that The crypto Exchange did not employ practices aimed at keeping users accounts secure and had improperly and unreasonably locked clients out of their accounts during periods of peak volatility in The crypto market.

– The lawsuit alleges that Coinbase should be registered as a broker or dealer in The United States as The platform handles The transfer of Securities – in This case, cryptocurrencies.

– The lawsuit claims that Coinbase does not disclose that The crypto assets on its platform are Securities, and that The Exchange boldly flouts Federal and state laws by proclaiming It does not need a registration statement for those Securities and by refusing to register as a Securities Exchange or as a broker-dealer.

– Coinbase has gone offline many times during periods of extreme volatility in The crypto market, prompting Some users to take legal action.


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