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Coinbase To Support Bitcoin Cash, Hints At Insider Trading Problem

Coinbase To Support Bitcoin Cash, Hints At Insider Trading Problem

Coinbase Inc., one of the most popular USA cryptocurrency exchanges, is investigating allegations of insider trading on its platform in the hours before the company announced it would enable purchases of the bitcoin spinoff known as bitcoin cash.

Trading was halted abruptly last night after bitcoin cash, which broke away from the main bitcoin blockchain last month, was listed on GDAX.

"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement".

Four hours into Bitcoin Cash's whirlwind debut on the platform, Coinbase temporarily ceased transactions for the cryptocurrency until around noon, leading to additional indignation on Twitter.

Armstrong said in addition to trading restrictions, the policy prohibits communication of material non-public information outside the company, including to friends and family.




Coinbase said it would enable bitcoin cash trading for the first time Tuesday evening, and did so for about two minutes. As noted by its co-founder and CEO, "Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter". Speculation is that is has caused a shift from users in bitcoin to that of bitcoin cash.

While Coinbase briefly enabled orders to be posted in USA 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.

Bitcoin cash was created on August 1 when Hong Kong-based exchange Bitfinex said a minority of bitcoin miners would create a new version of bitcoin to make trading faster and easier.

Bitcoin has soared to new highs this month as regulated USA derivatives exchanges in Chicago started trading futures in the unit. However, at the time that happened, Coinbase didn't support the new cryptocurrency, so those who used the company's digital wallet didn't receive their tokens.

"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".

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