Coinbase Fined $ 6.5 Million! - Kakiforex | Forex markets for the smart money. Coinbase Fined $ 6.5 Million! Coinbase Fined $ 6.5 Million!

March 22, 2021

Coinbase Fined $ 6.5 Million!

 Unexpectedly, California -based Coinbase had to face a fine of $ 6.5 million (RM26,741,000) for being found guilty of issuing incorrect and misleading reports.

The fine was issued by the United States (US) Commodity Futures Trading Commission (CFTC) on March 19.

Not only that, it was found that his former employees had made illegal purchases of shares on the GDAX platform.

Clearly CFTC, Coinbase's involvement in the trade has affected the perception of price and trading volume on the GDAX between January 2015 and September 2018. In detail, there was some trading activity in August and September 2016 which caused a surge in activity for the Litecoin (LTC) pair. )/Bitcoin (BTC).

Coinbase was once the concern of the authorities due to issues related to margin trading. Following that, the exchange closed its margin trading platform on November 25 before fully terminating the function in December.

The CFTC also investigated Binance on March 12 for the purpose of identifying if there was illegal trade among the U.S. population. However, so far no action has been taken against the exchange.

On October 1, 2020, the CFTC dragged BitMEX to federal court on charges of conducting unregistered trading operations, including failing to install anti-money laundering (AML) procedures as claimed.

For now, the CFTC is still awaiting an official decision from the Senate on whether Chris brummer will replace Heath Tarbert who resigned on January 21st.