{"id":459126,"date":"2021-03-20T19:52:32","date_gmt":"2021-03-20T19:52:32","guid":{"rendered":"https:\/\/wncen.com\/?p=459126"},"modified":"2021-03-20T19:52:32","modified_gmt":"2021-03-20T19:52:32","slug":"how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing\/","title":{"rendered":"How the CFTC fine on Coinbase could affect future crypto company listing"},"content":{"rendered":"

The Commodity Futures Trading Commission (CFTC) has imposed a $6.5 million fine on Coinbase. The regulator is accusing the Exchange of false or misleading reporting and wash trading, per an official statement<\/a>.<\/p>\n

Between 2015 and 2018, according to the CFTC<\/a> order, a former Coinbase employee engaged in the referenced misconduct on the GDAX platform. The exchange has received an order to cease “further violations”. According to the official release:<\/p>\n

Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated.<\/p><\/blockquote>\n

The exchange allegedly operated two “automated trading programs” called Hedger and Replicator. These bots generated trade orders that “matched with one another”. The exchange did not report to the CFTC that it operated multiple accounts, according to the order.<\/p>\n

Coinbase was trading on GDAX, but failed to disclose that Coinbase was operating more than one trading program and trading through multiple accounts. In addition, the order finds that while Hedger and Replicator had independent purposes, in practice the programs matched orders with one another in certain trading pairs, resulting in trades between accounts owned by Coinbase.<\/p><\/blockquote>\n

The information generated by the trade between the bots was included on Coinbase’s website. Then, entities such as the Chicago Mercantile Exchange (CME), NYSE Bitcoin Index, CoinMarketCap OpCo, took this data and replicate it on their own platforms. The order states:<\/p>\n

transactional information of this type is used by market participants for price discovery related to trading or owning digital assets, and potentially resulted in a perceived volume and level of liquidity of digital assets, including Bitcoin, that was false, misleading, or inaccurate.<\/p><\/blockquote>\n

Fake liquidity in Bitcoin\/Litecoin trading pair<\/h2>\n

Further evidence found by the CFTC indicates that between September and November 2016, the aforementioned former Coinbase employee manipulated Bitcoin\/Litecoin trading pair. Thereby creating “false liquidity” reports. The employee’s name has not been disclosed by the regulator.<\/p>\n

Acting Director of Enforcement for the CFTC, Vincent McGonagle, stated:<\/p>\n

Reporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing. This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.<\/p><\/blockquote>\n

A separate report by journalist Wu Blockchain states that there are several former Coinbase employees, executives, and other personnel cooperating with the CFTC investigation. Coinbase is in preparation to become a public company<\/a>.<\/p>\n

The ongoing prosecution by the CFTC may affect the entire industry, Wu Blockchain said<\/a>:<\/p>\n

Coinbase will postpone its listing until April.\u00a0 Earlier, CFTC announced on Friday that it would impose a fine of $6.5 million. It may affect subsequent listings of cryptocurrency companies in the United States and Greater China.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Commodity Futures Trading Commission (CFTC) has imposed a $6.5 million fine on Coinbase. The regulator is accusing the Exchange of false or misleading reporting and wash trading, per an official statement. Between 2015 and 2018, according to the CFTC order, a former Coinbase employee engaged in the referenced misconduct on the GDAX platform. The exchange has received an order to cease “further violations”. According to the official release: Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated. The exchange allegedly operated two “automated trading programs” called Hedger and Replicator. These bots generated trade orders that “matched with one another”. The exchange did not report to the CFTC that it operated multiple accounts, according to the order. Coinbase was trading on GDAX, but failed to disclose that Coinbase was operating more than one trading program and trading through multiple accounts. In addition, the order finds that while Hedger and Replicator had independent purposes, in practice the programs matched orders with one another in certain trading pairs, resulting in trades between accounts owned by Coinbase. The information generated by the trade between the bots was included on Coinbase’s website. Then, entities such as the Chicago Mercantile Exchange (CME), NYSE Bitcoin Index, CoinMarketCap OpCo, took this data and replicate it on their own platforms. The order states: transactional information of this type is used by market participants for price discovery related to trading or owning digital assets, and potentially resulted in a perceived volume and level of liquidity of digital assets, including Bitcoin, that was false, misleading, or inaccurate. Fake liquidity in Bitcoin\/Litecoin trading pair Further evidence found by the CFTC indicates that between September and November 2016, the aforementioned former Coinbase employee manipulated Bitcoin\/Litecoin trading pair. Thereby creating “false liquidity” reports. The employee’s name has not been disclosed by the regulator. Acting Director of Enforcement for the CFTC, Vincent McGonagle, stated: Reporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing. This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information. A separate report by journalist Wu Blockchain states that there are several former Coinbase employees, executives, and other personnel cooperating with the CFTC investigation. Coinbase is in preparation to become a public company. The ongoing prosecution by the CFTC may affect the entire industry, Wu Blockchain said: Coinbase will postpone its listing until April.\u00a0 Earlier, CFTC announced on Friday that it would impose a fine of $6.5 million. It may affect subsequent listings of cryptocurrency companies in the United States and Greater China.<\/p>\n","protected":false},"author":535,"featured_media":451765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79568,3],"tags":[1393],"class_list":["post-459126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","category-news","tag-coinbase"],"acf":[],"yoast_head":"\nHow the CFTC fine on Coinbase could affect future crypto company listing<\/title>\n<meta name=\"description\" content=\"The Commodity Futures Trading Commission (CFTC) has imposed a $6.5 million fine on Coinbase. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How the CFTC fine on Coinbase could affect future crypto company listing","url":"http:\/\/wncen.com\/news\/how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_350919960_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_350919960_s-2019.jpg?fit=1000%2C667"},"articleSection":"Company News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["coinbase"],"dateCreated":"2021-03-20T19:52:32Z","datePublished":"2021-03-20T19:52:32Z","dateModified":"2021-03-20T19:52:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How the CFTC fine on Coinbase could affect future crypto company listing\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-the-cftc-fine-on-coinbase-could-affect-future-crypto-company-listing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Depositphotos_350919960_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Depositphotos_350919960_s-2019.jpg?fit=1000%2C667\"},\"articleSection\":\"Company News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"coinbase\"],\"dateCreated\":\"2021-03-20T19:52:32Z\",\"datePublished\":\"2021-03-20T19:52:32Z\",\"dateModified\":\"2021-03-20T19:52:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Depositphotos_350919960_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459126"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=459126"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/451765"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}