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Coinbase didn’t get SEC approval of acquisition of three companies: nor did it need it

On Monday, Coinbase Inc. said it got the green light from the U.S. Securities and Exchange Commission to move forward with a trio of acquisitions. Now says it never got such an endorsement. Nor did it need it.

Coinbase had told Bloomberg News that it received approval from the SEC and the Financial Industry Regulatory Authority to buy Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. The acquisitions are part of Coinbase’s plan to operate as a broker dealer and at some point list digital coins that are deemed securities.

In a Tuesday email Coinbase spokeswoman Rachael Horwitz said:

“It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process”.

“The SEC’s approval is not required for the change of control application,” – Horwitz said. – “Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.”