Coinbase's Mishandling of Customer Assets

The SEC has filed a suit against Coinbase, accusing the company of operating as an unregistered securities exchange. It's also alleged that they were offering staking services which are not registered as such. The lawsuit suggests mishandling of customer assets in a way that theCoinbase suit currently does not. But there's a fundamental difference between operating and unlicensed securities exchange and misappropriating customer assets.