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Coinbase fined $6.5 Million over trading irregularities

Coinbase fined $6.5 Million over trading irregularities



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41 Comments

  1. I remember a multi million dollar food chain got sued and lost millions of dollars, so they just increased their product by $0.01 and more than made their money back.

  2. >Coinbase has agreed to pay $6.5 million in order to settle a series of allegations related to how it recorded trades on its GDAX trading platform between 2015 and 2018.

    >Coinbase ceased using the Hedger software in 2018 at the insistence of then-COO Asiff Hirji, who had warned that such in-house proprietary trading platforms posed a systemic risk.

    Looks like this is an old issue that they’ve since fixed.

  3. Not to concerning to me personally. These allegations come from wrong doing in 2018. While any alleged wrong doing is bad. The crypto market is a wild-west regulatory wise in our country.

    Not concerning at all for Bitcoin. Just shows all the hoops exchanges like Coinbase are going through just to stay in business.

  4. >The agency points in particular to activity related to two in-house software programs used by Coinbase known as the Hedger and Replicator. The CFTC alleges that, in some instances, those software programs effectively traded with each other, which may have served to artificially inflate prices and trading volumes on the GDAX platform.

    Seems legit. Thanks Coinbase

  5. It appears that Litecoin’s Charlie Lee may have been the one who was responsible for “irregularities” by wash trading LTC.

    > While the CFTC did not name the employee, the activity in question occurred in the fall of 2016 and involved Litecoin, which is most associated with Charlie Lee. During the time period, Lee was an employee of Coinbase and was integral in having the company add Litecoin to its platform.

  6. I saw this over in another sub first but I’ll say it again, most of us got into crypto specifically to try to get away from the kinds of market manipulation these coinbase employees were pulling off. This will always happen with centralized exchanges, I’m afraid.

  7. The worst part about this. Is it’s designed to save face for Coinbase. Where does the money go? It should go to people like me who we’re screwed by Coinbase. Coinbase pulled a Robinhood on me. I shorted Ethereum on a simple spot call. I knew Ethereum was going to dip again before it bounced off its bottom for the last time. I sold my Eth at 140 and was going back to my Coinbase account to buy it at 85. Low and behold Coinbase locked me out of my account for two weeks. Guess what happened during that two weeks? You guessed it Ethereum mooned up to 160 and i lost 15% of my Eth. I was so upset I didn’t even buy anymore Eth. I bought Eth but only to send it to Binance which is way better and exchange it for something that was a better deal at the time. Coinbase are crooks and the fine means nothing. That money goes straight to the SEC what happens with that money? It should go to the people like me who were scammed, but it won’t!

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