Home Crypto News Altcoin News

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.

Advertisement

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.

Advertisement
Share
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Crypto News

Michael Saylor Sparks Debate Over Bitcoin’s Quantum Risk as Bitcoiners Dismiss It as ‘FUD’

Strategy co-founder Michael Saylor earlier this week commented on the risk of quantum computing to…

December 20, 2025
  • Crypto News

Ethereum Faces Selling Pressure as BitMEX Co-Founder Rotates $2M Into DeFi Tokens

Ethereum is under new sell pressure after a high-profile crypto trader sold his ETH assets…

December 20, 2025
  • Gambling

Best Crypto Casinos in Germany 2025

If you’re a German gambler tired of strict limits and slow payouts at locally licensed…

December 20, 2025
  • Crypto News

Tom Lee’s Fundstrat Warns Clients Bitcoin Could Fall to $60,000 Despite His ATH Public Forecast

Top asset manager Fundstrat has advised its private clients to expect a pullback in Bitcoin…

December 20, 2025
  • Crypto News

125 Crypto Firms Mount Unified Defense as Banks Push to Block Stablecoin Rewards

Over 125 cryptocurrency companies have joined forces to defend stablecoin rewards programs against banking industry…

December 20, 2025
  • Crypto News

BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn

The BlackRock Bitcoin ETF (IBIT) has emerged as one of the top exchange-traded funds (ETF)…

December 20, 2025