Coinbase fined $6.5 million by CTFC

Coinbase fined $6.5 million by CTFC

A penalty fine of $6.5 million fine has been imposed on Coinbase by the Commodity Futures Trading Commission (CTFC), on the premise of wash trading, false or misleading report.

A former Coinbase employee engaged in the above stated misconduct on the GDAX platform between 2015 and 2018 according to the CFTC order and the regulatory agency has received order to stop further violation.

On the GDAX electronic platform operated by Coinbase, they recklessly delivered false, misleading or inaccurate reports on digital assets transaction.

Coinbase didn’t report to CTFC that they operated series if accounts and from investigation, it was discovered they allegedly operate two automated trading programs called Replicator and Hedger and the bots generated trade orders that ‘matched with another’

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