The Commodity Futures Trading Commission (CFTC) said Friday that cryptocurrency exchange platform Coinbase has paid $ 6.5 million to settle regulators’ claims that it reported misleading transaction data.
Coinbase’recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets’. The agency alleges two trading programs operated by Coinbase generated orders that traded with each other.
Wash trades are banned because they create a false appearance of trading volume. The CFTC also fined Coinbase for what are known as’wash trades’.
A Coinbase spokesperson said in a statement emailed to the verge that it did not admit or deny the CFTC’s charges. The settlement order’does not include any finding of harm to any Coinbase customer’.
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