According to FOX Business, Tom Grady, a well-known securities lawyer who focuses on investment fraud cases, is preparing to file a class action lawsuit against US crypto exchanges Coinbase, Robinhood, Kraken and other companies. Grady stated in a press release that he launched an investigation into the operation of the exchange and its possible violations of state and federal securities laws in trading digital currencies, most of which are considered unregistered securities by the SEC and therefore violate federal law.
Grady said the exchanges may have misled investors by not providing them with adequate disclosures about the risks of trading and owning unregistered cryptocurrencies. "We believe Coinbase, Robinhood, and other exchanges have violated the law, and investors who purchased cryptocurrencies on their platforms may be entitled to recover those losses," Grady said.
Grady, through his Tampa, Florida-based law firm, is also seeking out customers of Coinbase, Robinhood and other exchanges who suffered losses when buying cryptocurrencies on their platforms to gather information on their investments, the release said.
