A new class-action lawsuit has been filed against Coinbase in the Northern District of California, accusing the US-based cryptocurrency exchange of offering and selling securities to the plaintiffs and other investors. The lawsuit mentions several tokens, including Algordand (ALGO), Near Protocol (NEAR), Polygon (MATIC), Uniswap (UNI), Solana (SOL), and others, as digital securities.

According to the plaintiffs, Coinbase deliberately violated state security laws by operating as an unregistered broker-dealer since its establishment. The lawsuit claims that Coinbase utilized various means of solicitation, such as its website, social media ads, traditional advertising, and even Super Bowl commercials, to attract customers to invest in the digital asset securities it offered.

Since Coinbase failed to register itself or the securities it sold, the plaintiffs are seeking full recission, injunctive relief, and statutory damages. Last year, the U.S. Securities and Exchange Commission (SEC) accused Coinbase of engaging in unregistered sales of securities, targeting cryptocurrencies like Cardano (ADA). The SEC recently won a significant legal battle against Coinbase, with the court rejecting the exchange's attempt to dismiss the lawsuit in March.