Breaking: Coinbase Postpones Nasdaq Listing Post CFTC’s $6.5M Fine
Coinbase has reportedly pushed back its much-awaited public debut on Nasdaq by a couple of weeks to April in the wake of CFTC’s $6.5 million fine for wash trading charges. The crypto exchange is currently under multiple investigations for its earlier misconduct, and people aware of the matter informed that the directors of the company along with former employees are cooperating with the investigation.
Coinbase was fined for false, misleading, or inaccurate reporting and wash trading from January 2015 to September 2018. Acting Director of Enforcement Vincent McGonagle said,
“Reporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing. This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.”
CFTC claimed Coinbase during the said period made use of two automated trading programs Hedger and Replicator which used to match orders on each other’s order book to show an inflated trading volume. This data was also used for different indices partnered with Coinbase, thus offering false market information.
Coinbase and Other Crypto Firms Looking to go Public Might Face Delays
The ongoing investigation into Coinbase by CFTC for its earlier conducts including the listing of BCH, Ethereum-related events, liquidity market making, and so on. Industry inside also believes Coinbase could be the first among many and it may impact the public debut of several crypto companies.
According to Bloomberg, Coinbase will postpone its listing until April. Earlier, CFTC announced on Friday that it would impose a fine of $6.5 million. It may affect subsequent listings of cryptocurrency companies in the United States and Greater China. pic.twitter.com/qvh7Ypvo34
— Wu Blockchain (@WuBlockchain) March 20, 2021
Coinbase was all set to make its public debut in the coming weeks, having listed nearly 115 million of its stocks on Nasdaq just a couple of days back. However, the ongoing investigation along with a recent fine has pushed the listing a couple of weeks further and many believe that the CFTC’s action could also affect other crypto companies listing in the US and China.
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
