Robinhood recently received a Wells Notice from the SEC regarding its crypto unit, but it isn’t the only one that the EC is going after.
The SEC issued a Wells Notice to Robinhood as it files a lawsuit against the exchange in relation to its US crypto operations.
Here are some other companies that received Wells Notices from the SEC.
- April 2024 — Consensys received a Well Notice for its MetaMask swap and staking.
- April 2024 — Uniswap received a Wells Notice (reason unknown but this marks action against DeFi by the SEC).
- March 2023 — Coinbase received a Wells Notice for allegedly breaking security laws and its staking service.
- Feb 2023 — Paxos received a Well Notice alleging that the Binance USD (BUSD) stablecoin was an unregistered security.
A Wells Notice is often issued before the SEC take legal action, providing the company or recipient an opportunity to respond.
However, in the case of Coinbase, CEO Brian Armstrong said that the notice was issued just day after the SEC cancelled a scheduled meeting with them. During that time, Coinbase had already met with them 30 times and reportedly only got silence.
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