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Shares of Coinbase (NASDAQ:COIN) were down nearly 12% at $68.18 in extended trading.
A Wells notice shows that SEC staff intend to recommend enforcement action against the company, but it does not always result in charges or signal that the recipient has violated any law.
The potential enforcement actions would be tied to aspects of the company’s spot market, its Coinbase Earn, Coinbase Prime and Coinbase Wallet products, it said.
Coinbase also said its services continued to operate as usual after the notice was issued.
