Coinbase Gets Wells Notice From the SEC on Lend Product
- Exchange said it’s been ‘proactively engaging’ with SEC
- SEC asked for names of everyone on waitlist, Coinbase said
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Coinbase Global Inc. was warned by the Securities and Exchange Commission against launching a product that would allow consumers to earn interest on their crypto holdings.
The U.S.’s biggest cryptocurrency exchange said it received a Wells notice saying the agency will bring an enforcement action if the company goes ahead with its Lend product. Coinbase expressed surprise at the SEC’s move, in a blog post, adding it plans to delay the launch at least until October.