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

Published by
Sunil Sharma
Updated 30 Dec, 2020 | 08:00:41 PM UTC
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.

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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

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 X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Published by
Sunil Sharma
Updated 30 Dec, 2020 | 08:00:41 PM
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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