The United States Securities and Exchange Commission (SEC) asked cryptocurrency exchange Coinbase to stop trading in all cryptocurrencies other than bitcoin (BTC) prior to suing the exchange, according to a report of the Financial Times which cited Coinbase CEO Brian Armstrong.

Armstrong told FT that “the SEC made the recommendation before launching legal action against the Nasdaq-listed company last month for failing to register as a broker,” the report said.

On June 6, the SEC charged Coinbase with breaching federal securities law alleging that it was simultaneously operating as a broker, an exch