Law firm Bragar Eagel & Squire has filed a class action lawsuit in New Jersey District Court against crypto exchange Coinbase, while San Diego law firm Robbins Geller Rudman & Dowd LLP has filed another lawsuit.
According to the court documents, the crypto trading platform has made "false and misleading statements" about the nature of its activities.
The plaintiffs claim Coinbase offered crypto assets to investors that were supposed to be registered as securities.
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The lawyers have also cited a Bloomberg report about an alleged SEC investigation into Coinbase. Allegedly, the reason was the possible provision to US residents of access to trading in digital assets that may be considered securities.
The US Department of Justice has previously announced the arrest of the exchange's former product manager, Ishan Wahi, and two of his accomplices, who have been charged with insider trading fraud.