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Bitcoin Cash: Internal Investigation Clears Coinbase of Insider Trading Allegations

Coinbase has concluded that there was wrongdoing on its part concerning the listing of Bitcoin Cash on its platform in December 2017. This conclusion was based on an investigation into the circumstances that surrounded the listing of the popular Bitcoin fork on the platform. Meanwhile, the matter is still the subject of a class action lawsuit filed against the company by its customers.

Internal Investigation Reveals Zero Evidence of Insider Trading

In late December 2017, Coinbase surprised the cryptocurrency community by suddenly making Bitcoin Cash available for trading on its platform. Before the announcement, the price of the coin skyrocketed leading many to accuse Coinbase of insider trading. In response, the platform launched an internal investigation to ascertain if there was any wrongdoing on its part.

Apart from the investigation, Coinbase CEO, Brian Armstrong, also released a stern blog post where he warned company employees of the consequences of running afoul of the firm’s trading policies. He also said the company wouldn’t hesitate to fire and sue any employee found guilty of insider trading.

Courtesy: Entrepreneur.wiki

According to Fortune, the Coinbase internal investigation concluded its inquiry last week. Two prominent law firms spearheaded the investigation. Commenting on the conclusion of the inquiry, the company said:

We would not hesitate to terminate an employee or contractor and/or take appropriate legal action if evidence showed our policies were violated. We can report that the voluntary, independent internal investigation has come to a close, and we have determined to take no disciplinary action.

An inside source at the company also revealed that a member of the platform’s legal team has already intimated Coinbase staff on the result of the investigation.

The Coinbase – Bitcoin Cash Saga

While the result of the internal inquiry is good news for Coinbase, the matter is far from over. There is still a pending class action lawsuit against the company, filed by some of its customers. According to Lynda Grant, lead counsel for the plaintiffs in the suit, the case is still ongoing and is currently in the procedural stages.

Grant also believes that the Commodity Futures Trading Commission (CFTC) is investigation the Coinbase – Bitcoin Cash Saga. The CFTC is yet to issue any corroborating statement.

Do you think Coinbase is guilty of insider trading concerning the Bitcoin Cash Listing? Let us know your thoughts in the comment section below.

Image courtesy of Ethereum World News archives.

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Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Despite all the hype that surrounds Ripple and the fact that it fronts major cross border transactions across the world, the world third largest cryptocurrency still finds a matter as a clog in the wheel of its success.

As much as crypto lovers are yearning and clamoring for the listing of the cryptocurrency which is a guru cross border transactions, their bellow is just a tip of iceberg when compared to the company’s.

Even if not told, it is glaring to the world that if the cryptocurrency is added to the exchange platform, it will surely add feather to the wings and add leaf to the cap of the altcoin. While the demand from users and enthusiast continues to grow, a recent rumor that the altcoin was listed on Coinbase surged its value upward to an unimaginable point amid series of turbulence fisticuffing the crypto industry.

Also, when the exchange platform added Bitcoin Cash, it reflected in the value, soaring it to over 30 percent (from $2,800 to $3,800 per coin.)

Source: Bloomberg

Lastly, the unending tentacles which Ripple which has been able to acquire overtime has only brought it to limelight amid financial institutions and industries, while it is still lagging behind in everyday use as it is yet to be added to major platforms like Coinbase, Gemini among others. Evident of why Litecoin was rated more popular above the altcoin in a recent survey amongst 1000 Americans.

In the latest report released by Bloomberg, the cryptocurrency is not crossing its alms to continue glare the situation without removing the clog.

As two top U.S. cryptocurrency exchanges, Coinbase and Gemini continues to dash the hope of the cryptocurrency and its enthusiast, the San Francisco-based company, according to Bloomberg, has made a step forward by offering the two company dough in exchange for getting listed.

Bloomberg also mentioned that Ripple executive officer enquired if $1 million payment could make Gemini add XRP, while similarly, the cryptocurrency in a previous talks with Coinbase last fall, displayed keenness and wiliness to loan over $100 million worth of XRP to the exchange so that users can trade the asset.

In a move to confirm the information, Bloomberg added that Emmalee Kremer, Ripple’s spokeswoman said some of the info was not right. “Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem,” she said.

“We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”