Coinbase Global Inc., a cryptocurrency exchange platform, faces objections from the SEC over its role in Celsius Network’s bankruptcy recovery plan.
Celsius, a crypto lending platform, filed for bankruptcy in July 2022 and wants to restructure as a user-owned company.
It also plans to distribute about $2 billion worth of Bitcoin and Ether to its international customers through Coinbase.
However, the SEC, which sued Coinbase earlier this year for violating securities laws, said in a filing on Friday that Coinbase’s services would exceed those of a distribution agent and raise similar issues as in its lawsuit.