Former Coinbase manager, brother agree to settle SEC insider trading charges

A former product manager for Coinbase Global Inc and his brother have agreed to settle U.S. Securities and Exchange Commission (SEC) charges related to insider trading of crypto asset securities.

The SEC said Ishan Wahi and his brother, Nikhil Wahi, agreed to settle civil charges that they engaged in a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available on Coinbase’s platform, the regulator said in a statement.

“While the technologies at issue in this case may be new, the conduct is not,” said SEC’s enforcement director Gurbir Grewal.