Coinbase must face customer lawsuits in New York: Judge

The American judge ruled that the CRIPTO exchange coin must face the lawsuit of the action classes submitted by the customers in New York, Reuters reported.

The lawsuit claims that the waitress illegally sold securities and acted as a direct seller.

In the verdict submitted by 7. February, the US District Judge Paul Engelmayer rejected the Coinbase argument that it was not a statutory seller under the American Law on Federal Securities. The exchange also claimed that the 79 tokens title were never transferred to the lawsuits, which the customers were traded.

However, the judge pointed to the argument that “buyers on coins transactions exclusively with the coinbase itself.” According to the judgment, this accusation leads to the conclusion that Crypto Cripto was the seller.

In a statement To the villages, the waite reiterated that “does not specify, offers or sells securities”. The stock market plans to fight other requests in case.

The latest development comes more than nine months after the court decision in April 2024. revived the aspects of the case previously expanded by Judge Engelmayer. While the judge abolished the lawsuit in February 2023. year, the Order of the Court of Appeals in Mansually in April 2024. it has enabled certain charges to stand.

Judge Engelmaier’s decision 7. February 2025. year, almost two years after the original judgment, allows parts of the case that the Court of Appeals decided to continue.

In May 2024. year, group of Konobase customers from California and Florida submitted a new lawsuit Against the Tavern and her director Brian Armstrong state that the CRIPTO exchanges violated securities laws.

The lawsuit identified several tokens, including Solana, Polygon, near Protocol, Decentral and Algoranda, as a securities. Taverns, however, argues that this does not state or sell securities and that the secondary canvas that does not meet the criteria to be classified as such.

In addition to the lawsuit for class action, coins continue to fight in a separate lawsuit, which submitted American securities and commissions for exchange. SEC was sued by Coins in June 2023. years, claims that the company served as unregistered securities exchange.