The American securities regulatory body confirmed that two accused in the Coinbase insider trading case agreed to pay disgorgement.
Coinbase is the American top regulated publicly traded crypto exchange. In 2021, the former Coinbase product manager Ishan Wahi misused his position. Ishan leaked information about more than 25 crypto assets listed among his brother Nikhil Wahi & friend Sameer Ramani. With the use of leaked information, Nikhil & Sameer secured nearly $1.5 million between June 2021 and May 2022.
The United States Securities and Exchange Commission (SEC) dragged this case under its authority & in the final judgement, Nikhil faces 10 months of prison, while Ishan faces 2 years of jail punishment. Meanwhile, Sameer Ramani continues to remain at large.
On 30 May 2023, The US SEC body announced that the agency reached an agreement to settle the Coinbase insider case. The securities regulatory body confirmed that the two brothers agreed to pay disgorgement.
Coinbase vs SEC
Alongside this case, the SEC & Coinbase are against each other. Coinbase’s legal team filed a request in the Federal court to force the SEC body to provide clarity over its crypto regulatory approach.
The Coinbase team wants full law clarity, to provide crypto business under compliance.
Several times, the Coinbase executives noted that the SEC body will not provide any clarity because they are not in the mood to cooperate.
The Coinbase executives also confirmed that the Coinbase team reached out to the SEC body several times over the last 9 months to get clarity on its business & laws but the SEC body never responded.
Read Also: Binance plans to keep customers trade collateral at a bank instead on a crypto platform
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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