- Coinbase wants the Supreme Court to halt two lawsuits from account holders, Bloomberg reported.
- The request comes after the firm unsuccessfully appealed the cases to the Ninth Circuit Court.
- It's the latest legal saga for Coinbase, which is being probed by the SEC over possible violations of securities regulation.
Coinbase has asked the Supreme Court to stop two lawsuits it faces from account holders after it tried to appeal the cases in Federal court, Bloomberg reported on Wednesday.
The company is facing a suit from an account holder asking to be compensated for $31,000 in losses after he gave a scammer access to his account, and from another account holder who is accusing Coinbase of holding a $1.2 million sweepstakes in Dogecoin without specifying that participants didn't have to purchase or sell the token beforehand, a report from Bloomberg said.
Both customers are aiming to turn these into class action suits, and Coinbase has unsuccessfully appealed to the Ninth Circuit court, asking for the cases to return to arbitration status.
Since the appeal was denied, Coinbase has asked the Supreme Court to step in on an "emergency basis," arguing that that Coinbase requires users to proceed with arbitration in its user agreement contract, according to court documents.
It marks another legal saga for the exchange, as it faces a probe by the SEC for unlawfully listing and allowing customers to trade securities.