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

Sunil Sharma Altcoin News published December 31, 2020 | modified December 31, 2020

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

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

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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Sunil Sharma 173 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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