US Commodity Futures Trading Commission (CFTC) charges $ 6.5 million for Coinbase’s cryptocurrency exchange for providing misleading information Fined.
The company had two trading programs that sometimes traded Bitcoin and Light Coin between 2015 and 2018. The exchange shared the data related to these transactions with foreign services and this was done in such a way that their volume seemed more than real.
According to the CFTC, the Kevin Bass cryptocurrency exchange did not mention running more than one app or trading multiple accounts. According to the commission, the exchange is responsible for its actions, and one of the company’s personnel has been abusing these programs to buy and sell cryptocurrencies between August or September 2016.
The commission did not accuse Kevin Bass of wrongdoing, but said it was “reckless” and not intentional.
A senior CFTC member, Dawn Stump, said Kevin Bass had acted in the past and that the employee had left the company several years ago. According to Stump, the exchange has not repeated such behavior since then.
The decision to impose a $ 6.5 million fine comes at a time when the market value of Quinn Base has crossed the $ 100 billion mark. Thanks to a significant increase in the price of cryptocurrencies in the last months of 2020, the exchange was able to generate $ 1.2 billion in revenue in 2020 and also have an annual profit for the first time.
Such a performance has made Kevin Base one of the main players in the world of cryptocurrencies. Despite the $ 6.5 million fine, the company continues to focus on its future activities.