The Commodity Futures Trading Commission has issued an order filing and settling charges against digital asset exchange operator Coinbase, for ‘reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase’s GDAX platform’.
The order requires Coinbase to pay a civil monetary penalty of $6.5 million and to cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, as charged.
“Reporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing,” said Acting Director of Enforcement Vincent McGonagle. “This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.”
