Coinbase looks at insider trading after offering bitcoin cash

21 December, 2017, 00:51 | Author: Regina Lloyd
  • Classic Bubble Price Action Source Dr. Jean Paul Rodrigue Dept. of Global Studies and Geography Hofstra University

Although bitcoin cash was already rising steadily before Coinbase enabled trading of it last night, it was trading at a significant premium on the platform versus the rest of the market.

Coinbase originally opted not to allow bitcoin cash trading on its platform, but surprised users by reversing its decision on Tuesday.

Four hours into Bitcoin Cash's whirlwind debut on the platform, Coinbase temporarily ceased transactions for the cryptocurrency until around noon, leading to additional indignation on Twitter.

The real problem, however, appears to be the price of Bitcoin Cash increased on other platforms before Coinbase added support. As such, he is taking the investigation into insider trading extremely seriously.

Coinbase had a policy that prohibited employees and contractors from trading Bitcoin Cash and disclosing launch information before the exchange made things official.




His comments followed accusations that Coinbase employees may have secretly profited following the launch of Bitcoin Cash - a new form of cryptocurrency which opened for trading on the website on Tuesday (19 December) at higher values than other exchanges.

This week's Bitcoin Cash debacle is just the latest example of the volatility and mistrust that continues to plague digital currency markets even as millions of ordinary people are rushing to invest. "Given the price increase in the hours leading up to the announcement, we will be conducting an investigation into this matter".

Bitcoin cash was created as an offshoot of the original bitcoin in August. In the few minutes that trading was accessible, the price shot as high as $9,500, a level that represented a large premium over other exchanges. "If we find evidence of any employee or contractor violating our policies?-?directly or indirectly?-?I will not hesitate to terminate the employee immediately and take appropriate legal action." wrote Coinbase CEO, Brian Armstrong.

Coinbase stated: "Coinbase maintains a strict trading policy and internal guidelines for employees".

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