Update May 13: This article has been corrected to remove misleading information regarding BHD’s legal registration and U.S. securities law.

Shortly after filing with the United States Securities and Exchange Commission for its coming security token offering, Singaporean blockchain project BitcoinHD (BHD) claims to be seeking listing on major exchange Coinbase.

On March 30, BHD filed its blockchain-based STO with the SEC under what is known as a Form D exemption.

Form D is a short registration form in which a company discloses essential information for prospective investors in its securities issuance. The form is notably much shorter than the lengthy reports that are required for the sales of a non-exempt security to U.S. investors. Approved projects can only sell their security to accredited investors.

These are defined in the U.S. as individuals with a net worth of over $1 million, or who consistently make $200,000+ per year in income, or as enterprises with over $5 million in assets.

In its announcement on May 11, BHD purported to be the first approved STO to seek listing on Coinbase. It is unlikely to be the first, though Coinbase doesn’t publicize the list of projects that apply to the platform.

More importantly, Coinbase is known for its skill at navigating the tricky regulatory environment of the U.S. Part of which requires understanding that it cannot distribute security tokens — a bone of contention that has cropped up before. A key issue in the case of any alleged offering from BHD: Coinbase does not sort users by accredited investor status.

The current application for offering a digital asset on Coinbase includes a section on Regulation, the very first question ensuring that the offering is not a security.

Source: Coinbase’s Listing Page

Source: Coinbase’s Listing Page

While Coinbase has expressed interest in getting the authority to offer security tokens, that prospect remains a long way off.