The US Securities and Exchange Commission has sued another crypto trading platform operator for allegedly violating securities laws.

The SEC said on Tuesday that Coinbase, which runs the biggest US-based crypto exchange, was doing business as an unregistered securities exchange.

Coinbase responded that the solution is not litigation, but legislation that allows fair rules to be developed transparently and applied equally.

The exchange also said it will continue to operate its business as usual.

Earlier on Monday, the SEC sued Coinbase rival Binance Holdings and its CEO.

The commission alleges that Binance and its CEO illegally invited customers to trade crypto assets on overseas exchanges that are not registered in the US.

The US financial watchdog has sued a series of major crypto exchange operators since one of the largest such institutions, FTX Trading, filed for bankruptcy protection in November last year.