Coinbase does not not from close son crypto staking service despite the recent complaint of the SEC. “it’s really as usual “according to Brian Armstrong.
Yesterday, during the Bloomberg InvestCoinbase boss says crypto exchange will continue to operate “ as usual “.
We’re not going to slow down with our staking services. As the court cases unfold, it’s really business as usual,” said Brian Armstrong.
On Tuesday, the U.S. Security of Exchange Commission launched proceedings against the San Francisco-based platform, accusing it of failing to comply with the securities lawincluding its staking offer.
Armstrong added that the SEC had begun to ” change its tune “with Coinbase last year. “They started asking us more questions about the business, so we were very open. Unfortunately, we got silence as an answer,” he said.
Confident, the executive says ready and able to defend his company in court.
I think we’ll do well in court. Even if it takes a while, we’ll be fine,” said Armstrong, noting that Coinbase had more than $5 billion on its balance sheet to maintain operations and pay legal fees.
Reassuringly, the CEO also claimed that his platform was not at risk in terms of bank runor mass withdrawals, unlike its peers.
All funds are individually backed, and you don’t have to take our word for it. As a public company, we have auditors … who have come in and checked all this out.”
The SEC’s complaint against Coinbase was filed less than 24 hours after the one against Binance. Its rival is also being sued for violating securities law but also for commingling customer funds.
“In the case of Coinbase, for example, there was no no allegations of misappropriation of customer funds “said Armstrong.
As the SEC today seeks to freeze Binance.us’s assets, the California exchange’s general counsel, Paul Grewalsaid the SEC would not try to do the same with Coinbase.
The standards required for such an asset seizure simply don’t apply in our case,” he said on Reuters.
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