Coinbase will pay the fine $6.5 mln for counterfeiting the trading volume and inaccurate information – Bits Media

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Coinbase выплатит штраф $6.5 млн за подделку объема торгов и недостоверную информацию - Bits Media

Coinbase Cryptocurrency Exchange and Commodity Futures Trading Commission (CFTC) reached an agreement, according to which the exchange will pay $6.5 million fine.

The agreement states, that after paying the fine, the CFTC will not prosecute Coinbase on two charges: overstatement trading one of the exchange staff for a six -week period in 2016 year, as well as about inaccurate information about trade activity on the GDAX platform.

“Since January 2015 years to September 2018 year Coinbase Exchange has irresponsibly provided false, misleading and inaccurate reports on transactions with digital assets, Including bitcoin, on the electronic platform GDAX, which was ruled by the exchange ", - reported in the statement
American regulator.

Recall, that the GDAX platform was intended for institutional investors and was subsequently renamed Coinbase Pro. The movements of the funds between GDAX and the Hedger project were taken into account as trade volumes, what, According to CFTC, was a mistake. Besides, The Replicator function allowed to duplicate the book of orders on one asset for other couples, which is considered inaccurate information.

“CFTC discovered, that six weeks in August and September 2016 For years, a former Coinbase employee used manipulations to accommodate orders for the purchase and sale in the BTC/LTC pair. This created the wrong idea of ​​liquidity and trade activity in pairs. These false transactions took 0.62% to 99% daily bidding. We recognize Coinbase guilty of these acts of our employee ", - said in the statement.

At the same time, the Commissioner CFTC Dounced Istanus (Dawn Stump) stressed, that this is a separate investigation, and CFTC does not regulate the Coinbase exchange.

Recall, that Coinbase is preparing
To direct listing on the Nasdaq stock exchange. During the preliminary estimate, the cryptocurrency site was estimated at $943 million. Nasdaq will be placed 115 Million shares of Coinbase.