Coinbase to become the first approved crypto broker-dealer

Coinbase is waiting for licenses approval by SEC to become the first crypto broker-dealer to offer SEC-regulated blockchain-based securities
07 June 2018   1694

According to the official blog, Coinbase is posed to become the first fully licensed crypto broker-dealer capable of offering crypto securities, which fall under the purview by US Securities Exchange Commission (SEC).

This announcement states that Coinbase is waiting for approval by SEC of its new licenses to become a regulated broker-dealer. To get this far, the company had to acquire a broker-dealer license, an alternative trading system license (ATS) and a registered investment advisor (RIA) license. It seems that all these were acquired with the purchase of three companies: Keystone Capital Corp, Venovate Marketplace Inc. and Digital Wealth LLC. The details of the deal are still undisclosed.

The whole ordeal with license acquisition and approval is quite important for Coinbase, because should they succeed, the company will become the first regulated cryptocurrency broker-dealer under the oversight of US SEC and Financial Industry Regulatory Authority (FINRA).

If approved, these licenses will allow Coinbase to expand its services to include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.

Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title.

Asiff Hirji, President & COO, Coinbase

Crypto Thief's Apology to Cost Him $15K

Thief was going to send the apology email to his victim, but by mistake sent it to the detective
03 September 2019   180

A 29-year-old New Jersey resident stole over $ 15,000 in cryptocurrency using a Connecticut resident's mobile phone, which he appropriated while at an airport in California, writes

Darren Carter has been charged with misappropriation of personal data. According to the police, at one of the stages of the four-month investigation, the detective involved in this case received an email with an apology from the suspect himself, which he intended to send to his victim, but made a mistake.

Carter was in Salem prison on unrelated charges when detectives from Jersey came to him on August 26 to arrest him.

The victim turned to the police on April 17, reporting the loss of $ 15,472.31 on the account of Coinbase. Police later found that the cryptocurrency was converted into US dollars and withdrawn to a PayPal account within a few hours of the theft of the phone.

Having executed several search orders, the investigators went to Carter. The stolen funds were restored using PayPal and returned to the victim.