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.