CoinBase Conducts Insider Trading Investigation for Bitcoin Cash

The Insane Hour After Coinbase Added Bitcoin Cash Is Leading to An "Insider Trading" Investigation

"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".

While Coinbase briefly enabled orders to be posted in United States dollars on its platform for more sophisticated traders, it suspended the facility after two minutes due to 'significant volatility, ' the company said in a blog post. We made this decision to ensure a fair and orderly market.

It's not certain when Bitcoin Cash transactions will return to the exchange.

Coinbase users have always been calling for the platform to add Bitcoin Cash, now the world's third-biggest cryptocurrency, to its roster after it initially shunned the launch of the offshoot cryptocurrency in August.

News that Youbit, a South Korean exchange, halted trading and its operator Yapian, filed for bankruptcy on Tuesday after it said it was hacked, rocked the cryptocurrency boat.

The sudden increase in the value of Bitcoin Cash could also have had an impact on the short-term price trend of bitcoin, given that the price of Bitcoin Cash has increased by almost 50 percent within the past 24 hours.

When Bitcoin Cash was created after splitting from Bitcoin they offered everyone who owned Bitcoin a matching sum of Bitcoin Cash, but many exchanges like Coinbase initially refused to support the currency.

Quartz has asked Coinbase for an explanation for the trading suspension.

Just hours before the launch, Bitcoin Cash prices on other exchanges went through the roof, leading to accusations that Coinbase employees had been buying up the coins to trade for a profit when Coinbase waded in.

"All BCH books will enter cancel-only mode, and all existing orders will be cleared".

The San Francisco-based firm announced the move after Bitcoin Cash's price jumped. Coinbase CEO Brian Armstrong says there's "no indication of any wrongdoing at this time", but the company will be doing a full investigation. Armstrong added that Coinbase is now looking into the matter. Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter.

At the time of writing, bitcoin cash is the third most popular cryptocurrency in the world, with ethereum in second place and bitcoin remaining at number one.

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