Breaking: Coinbase Sued For Selling XRP Alleged to be Security Tokens

By Sunil Sharma
Published December 31, 2020 Updated December 31, 2020
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Breaking: Coinbase Sued For Selling XRP Alleged to be Security Tokens

By Sunil Sharma
Published December 31, 2020 Updated December 31, 2020

Cryptocurrency exchange Coinbase was today sued by a customer for selling XRP alleged to be securities in federal court of California. The customer filed a complaint against Coinbase for taking commission from selling XRP and violating state unfair competition laws.

Coinbase Sued Over Taking “illegal” Commission from XRP Sales

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Just few weeks after SEC filed a $1.3 Billion lawsuit against Ripple, a federal court in California has received a complaint against Coinbase for selling XRP alleged to be security token. Coinbase has already announced to suspend XRP trading on January 19th, 2020.

A Coinbase customer named Thomas Sandoval has filed a complaint in Federal court of California to recover commission from XRP sales alleged to be securities. The complaint alleges that cryptocurrency exchange should have known that XRP is a security and not a commodity.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
203 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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