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Coinbase (COIN) CEO reveals the crypto company has received an SEC Wells notice

CEO Brian Armstrong shared word of the Wells notice from the SEC, which he feels is signaling enforcement action against Coinbase in the near future.

TJ Denzer

March 22, 2023 4:10 PM

Image via Coinbase

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It would appear that Coinbase is circling the wagons and getting ready for what could be upcoming penalization from the U.S. Securities and Exchange Commission (SEC). Today, CEO Brian Armstrong shared publicly that Coinbase had received a Wells notice from the SEC and, despite the claim that Coinbase has worked with the SEC to ensure that it is doing business properly and within legality, Armstrong believes this could mean upcoming enforcement action against the cryptocurrency exchange platform.

Armstrong shared word of the Wells notice from the SEC via his personal Twitter on March 22, 2023. He goes on to say that Coinbase should, by the SEC’s own standards, be in compliance with rules and regulations.

Armstrong further suggests that should Coinbase be penalized as he expects, the company is fully prepared to go to court and prove its adherence to SEC policies and procedures regarding its ongoing business.

Coinbase is one of a few major platforms that has remained active despite the many crashes happening in the cryptocurrency market, not the least of which included the FTX crypto exchange platform filing for bankruptcy. Nonetheless, Armstrong seems confident that Coinbase will weather any issues and come through in the right. Stay tuned as we continue to follow this story for further information.

TJ Denzer

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.