According to reports by Coinbase Exchange, no insider trading of Bitcoin Cash(BCH) took place in December 2017. Fortune reports stated that the exchange and wallet service provider held a company-wide meeting to analyze the results of the internal investigation. A Coinbase spokesperson told Fortune that the internal investigation had been completed and the company doesn’t intend to take any disciplinary action.
The representative 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.”
Initially, Coinbase had decided not to support the coin, but the decision was reversed and announced that it would list BCH on the platform by Jan1. When almost a month ahead Coinbase listed BCH on its platform, BCH price surged over $3000. Speculations were rife regarding insider trading beginning December 19. Coinbase employees came under the radar, levied with accusations of insider trading.
Although it had been concluded there was no insider trading, a lawsuit against Coinbase by its customers is still going. The lawsuit seeks damage for negligence by the exchange and the violation of consumer protection laws.
However, on July 18, Coinbase flipped on its previous statement of receiving the SEC’ approval for listing securities tokens. The platform stated that neither the SEC nor the Financial Industry Regulatory Authority (FINRA) had approved Coinbase to act as a securities dealer