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Coinbase Cryptocurrency Exchange Obtained The Approval For Listing Cryptos Deemed As Securities

Coinbase, the cryptocurrency Exchange and wallet platform, has been approved by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list cryptocurrencies as securities, according to Bloomberg.

A Coinbase official informed Bloomberg that the SEC and FINRA had approved the exchange to purchase the securities brokers Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. The settlement will permit Coinbase to broaden its portfolio with stock tokens and act as a stockbroker, an alternative trading platform, and a qualified investment consultant. Coinbase initially unveiled the takeover arrangements on June 6th.

The official said Coinbase will now incorporate its technology into the new affiliates, but he didn’t disclose a timetable. Coinbase is required to ensure that the employees are adequately licensed and to revise the manner in which the subsidiaries communicate the data.

Coinbase cryptocurrency exchange platform and wallet must obey the same regulatory framework as conventional stock exchanges

In the past week, Coinbase reported that it is considering adding five new cryptocurrencies including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) to its exchange platform. Coinbase said it does not guarantee that new tokens will be listed for trading. Also, in June, the Cryptocurrency Exchange platform reported that it would soon add Ethereum Classic (ETC) and support for the ERC20 tokens.

The SEC declared in March that cryptocurrency exchange platforms that trade digital assets deemed to be securities are required to register with the regulatory bodies as stock exchanges, and will thereafter be regulated under the same standards as conventional stock exchanges. The SEC also stated that the same regulatory requirements also bind institutions that purport to function as an alternative trading system (ATS).

Registration as a broker-dealer subjects ATSs to a number of regulatory requirements, such as the requirement to have reasonable policies and procedures in place to prevent the misuse of material nonpublic information, book and record requirements, and financial responsibility rules, including, as appropriate, provisions relating to the safeguarding and safekeeping of customers’ funds and securities.

The post Coinbase Cryptocurrency Exchange Obtained The Approval For Listing Cryptos Deemed As Securities appeared first on Billionaire 365.



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Coinbase Cryptocurrency Exchange Obtained The Approval For Listing Cryptos Deemed As Securities

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