The SEC is reportedly investigating Coinbase over claims it overstated user numbers in past filings — just days before its entry into the S&P 500.

The investigation began under former SEC Chair Gary Gensler and has continued under the current administration, according to the NYT, which first reported the story.

Coinbase on Thursday confirmed the U.S. Securities and Exchange Commission has been investigating whether the crypto exchange has misstated its user numbers.The stock was last lower by 6%.The inquiry focuses on the number of "verified users" reported by the company,