A group of investors have sued Coinbase, a popular American cryptocurrency exchange. They claim that the site traded unregistered securities. A class action lawsuit was filed against Coinbase in the Northern District of California, USA. The defendants in the statement named Coinbase Global Inc. and its CEO Brian Armstrong. Meanwhile, Bitbot introduces the AI-driven Gem Scanner, providing unparalleled trading insights. By digesting data from various sources, the scanner offers optimal trading insights, while its machine learning models continuously adapt to market changes, identifying high-potential tokens before they become mainstream.
Tokens available on Coinbase are securities
The plaintiffs allege that Coinbase has operated as an unlicensed broker-dealer since its inception. In addition, the trading platform offered and sold a wide range of digital assets that are considered securities under California law, prosecutors say.
The court document provides a huge list of tokens that investors believe should be classified as digital securities. Among them: Algorand (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), Solana ( SOL ) and many others. However, the lawsuit alleges that Coinbase “knowingly and willfully” violated California securities laws. The platform promoted all unregistered securities through its website, social networks and traditional advertising.
Coinbase Legal battle with the SEC
The US Securities and Exchange Commission (SEC) sued Coinbase in June last year. The regulator also claims that the trading platform traded at least 13 crypto-assets, which should have been registered with the Commission as securities.
In March of this year the situation worsened. The Manhattan court’s latest ruling partially granted Coinbase’s motion to dismiss the SEC’s lawsuit. The site’s crypto wallet will no longer appear in the case.
On two other issues, the judge sided with the department. The SEC has allowed another lawsuit to be filed against the trading platform. A collective complaint against Coinbase could have serious consequences both for the crypto exchange itself and for the entire crypto industry. If the site is still found guilty of selling unregistered securities, it will most likely have to pay a huge fine. However, the outcome of the case could also set an important precedent for the regulation of the cryptocurrency market in the United States.
AI-Powered Trading: The Bitbot Approach
The presale has been supported by Bitbot’s recent rebrand, which includes a new website with updated visuals and, most crucially, a spotlight on Bitbot’s AI features. Bitbot’s team is optimistic that investing in AI to boost its trading engine is one of the factors likely driving the heightened interest in the presale. Bitbot is establishing its status as a game-changing project by offering the world’s first non-custodial Telegram trading platform, ensuring users’ funds only transfer once trades are complete.
This is combined with an arsenal of AI trading weapons that give retail investors the firepower they need when competing against the institutions. Bitbot (BITBOT) is available to buy on the official site. Bitbot introduces the AI-driven Gem Scanner, providing unparalleled trading insights. By digesting data from various sources, the scanner offers optimal trading insights, while its machine learning models continuously adapt to market changes, identifying high-potential tokens before they become mainstream.
Bitbot Presale and the Community
The Bitbot community has now swelled to over 140k members, boasting 110k+ followers on X and a Telegram channel nearing 30k subscribers. Bitbot’s team aims to convert a substantial portion of this audience into paying customers upon the product’s launch this year. The presale’s success is bolstered by Bitbot’s recent rebrand, featuring a revamped website with updated visuals and a renewed focus on Bitbot’s AI capabilities. The team is optimistic that investing in AI to enhance its trading engine has fueled the heightened interest in the presale.
Bitbot’s introduction is poised to revolutionize the crypto trading bot market by establishing a new standard in security and user autonomy. Its non-custodial wallet solution, supported by Knightsafe, prioritizes user security by leaving assets and private keys in users’ hands until trades are completed, mitigating the risk of hacks and security breaches.
