Illustration by Alex Castro / The Verge

Cryptocurrency exchange Coinbase is reportedly facing an investigation from the US Securities and Exchange Commission (SEC) over whether it allowed users to trade unregistered securities, according to a report from Bloomberg. The SEC’s probe hasn’t yet been made public.

Sources close to the situation told Bloomberg that the SEC started taking a closer look at Coinbase’s practices after the exchange added over 100 additional tokens to its platform, including Dogecoin, the joke cryptocurrency based on the Shiba Inu meme. These types of coins typically do well after they’re first listed, but they’re very volatile, and their value typically evaporates over time.

This investigation is separate from the SEC’s case against former Coinbase…

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