Coinbase Pays $6.5M to Settle Charges of Reporting Misleading Transactional Data Posted on March 22, 2021 by The National Trial Lawyers The US Commodity Futures Trading Commission (CFTC) said on Friday digital asset exchange Coinbase Inc paid $6.5 million to settle charges it reported misleading transaction data that potentially inflated the apparent trading volume on its professional GDAX platform. The regulator also fined the company for so-called “wash trades” in litecoin and bitcoin by a former Coinbase employee on GDAX, it said in a statement. The settlement comes ahead of a planned stock market listing for the world’s largest cryptocurrency exchange, which is valued at around $68 billion based on private market transactions, the company said on Wednesday. The eye-popping figure, which implies Coinbase is more valuable than the New York Stock Exchange and Nasdaq, underscores how the perceived value of Coinbase has rallied in lock-step with the surge in the price of bitcoin. “The settlement order today does not include any finding of harm to any Coinbase customer,” a Coinbase spokesman said. “While Coinbase neither admits nor denies the CFTC’s findings, we firmly believe that Coinbase has always aimed to create a reliable and secure trading environment for the benefit of our customers.” Read the source article at The Express Tribune
