No inside trading took place on Coinbase regarding Bitcoin Cash, internal investigation concludes

coinbaseLast year, the largest cryptocurrency exchange from U.S., CoinBase, announced an investigation targeted by unusual trading activity that preceded the distribution of Bitcoin Cash. Even thought Coinbase decided to not support Bitcoin Cash, it changed its mind and announced that it will list BCH on the platform starting with January 1. However, almost one month before the listing, rumors started arising that there will be inside trading on Coinbase regarding Bitcoin Cash. Users started posting tweets accousing that Coinbase employees are engaged in inside trading.

“Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. 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.” said the CEO Brian Armstrong in a blog post at the end of December 2017.

 

In response to an inquiry from Fortune, Coinbase stated the the investigation concluded last week following a months-long probe by two well-known national law firms. A Coinbase spokesperson told Fortune:

“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.”

 

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