Following the approval of Celsius’ restructuring plan – which could put up to 67% of the assets previously held by the firm for its customers back into their hands – the team began looking for ways to distribute what was left of its holdings back to creditors.
Due to the complexities of the international banking system, Celsius elected to sign a temporary partnership with Coinbase, which has the advantage of being a public company with a reputation to uphold.
Coinbase Oversteps its Attributes, Says SEC
Unfortunately, the deal has raised some eyebrows at the SEC, which recently promised further enforcement actions against crypto companies it believes are non-compliant.
According to the regulator, the agreement between the two firms would put Coinbase in a role more akin to that of a broker than to that of a mere distributor.
Coinbase is already embroiled in a separate legal battle against the SEC, in which the exchange has been accused of acting as an unlicensed broker and clearin
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