Coinbase crypto exchange increased its USDC reward system by two times, despite legal hurdles with the country’s securities regulatory body over its crypto services.
Coinbase is a US-based Nasdaq-listed crypto company. The services of this exchange always remain under high compliance, & this is the reason why the majority of the big crypto investors pick the Coinbase platform. Even some US government agencies use blockchain tools, developed by the Coinbase team.
On 16 June 2023, the Coinbase exchange announced that Coinbase customers are now eligible to earn a 4% return over their USDC holding on the Coinbase platform.
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USDC is a trusted stablecoin that’s designed to be pegged and redeemable 1:1 for US Dollars. It’s backed by reserve… pic.twitter.com/IAGwDoCu4s
— Coinbase
(@coinbase) June 15, 2023
Notably this new decision will not bring advantages for the customers from every jurisdiction. All the customers can check here, to know whether they are eligible to get a 4% reward on USDC holding or not.
Some experts noted that the latest American securities regulatory body’s suit against this exchange failed to mention any kind of allegations/violation against the Coinbase’s USDC reward/interest system, so there are chances that Coinbase is bullish on USDC stablecoin support & wants more customer engagement.
However, the United States Securities Exchange Commission (SEC) didn’t target Coinbase over USDC reward services but in 2021 the SEC body ordered the Coinbase exchange to stop the launch of similar kinds of service.
In 2021, Coinbase was looking to launch the USDC APY program but the SEC body confirmed that it will take action if Coinbase will launch this program for the customers.
In response, Coinbase suspended its plan & Coinbase CEO Brian Armstrong said that the Coinbase team was failing to understand why they didn’t allow Coinbase & failed to explain why they opposed, despite the exchange following every rule & law to comply with all the country’s regulators.
SEC vs Coinbase
In March of this year, Coinbase received a Wells notice from the US SEC agency over crypto staking services & unregistered securities offerings.
Later in the last week, the SEC initiated a lawsuit against this crypto platform.
So far, the Coinbase team is standing with all of its existing services normally without any changement and also confirmed that it will solve the whole matter in the court.
Read also: FDIC orders OKCoin to remove fake customers protection claims
Coinbase increases USDC reward amid legal hurdles
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