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Coinbase firing from all sides: what happens at the biggest exchange of the United States

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As the saying goes, big trees catch a lot of wind, and for Coinbase especially this week, it seems to be true. The seventh largest exchange by transaction volume, as shown on Coinmarketcap is also the largest stock exchange in the United States. So, being at the top, he took a lot of criticism and made a lot of news this week.

Coinbase is an important junction in the ecosystem of cryptocurrency, and it has repeatedly shown that its influence and direction can shape the overall market globally.

His decision to incorporate SegWit has recently seen an improvement in these types of transactions, but on the other hand, his decision to offer Bitcoin Cash has also inflated this market. to be called an insider's offense by some. Even rumors about Ripple's integration have had their effect on the play.

In the news this week alone, Coinbase has been sued twice, once for insider trading allegations, and once for allegations its users sent via email, but that the recipients have never claimed. He was also linked to Ripple, again, and had to deny that – which caused fluctuations in the Ripple price. Finally, it continues to be a pioneering crypto ecosystem with its latest index fund.

Continuing Legal Proceedings

Coinbase is no stranger to legal trials and battles, having faced a few days before the court before, as well as having rebuffed the IRS in their quest to obtain business information from users through the exchange. But new claims have emerged, dating back to their decision to incorporate Bitcoin Cash on the platform.

At the end of December of last year, Coinbase decided to add Bitcoin Cash to its offers. This saw the price of the forked currency soar, while Bitcoin began to decline

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Immediately, charges were launched that insider trading was occurring, although the company has made it clear that employees had been prevented from exchanging BCH on the site

Now, a class action lawsuit was filed by one of the users of Coinbase in Arizona, Jeffrey Berk. The plaintiff accuses Coinbase of "artificially inflated prices" by disclosing buy and sell orders shortly after the launch of Coinbase's BCH support. In a blog post, Brian Armstrong, CEO, said, "If we find evidence that an employee or contractor is violating our policies, directly or indirectly, I will not hesitate to fire him." immediately. "

Unfair Commercial Practices

This lawsuit comes several months after the presentation of the allegations, but is advanced:" on behalf of all the Coinbase customers who have placed orders for ". purchase, sale or trade with Coinbase … during the period from December 19, 2017 to December 21, 2017 inclusively … and who suffered a monetary loss as a result of the wrongdoing of the defendants. "

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Moreover, during the trial, Coinbase was also accused of keeping funds sent by e-mail that have never been claimed by their recipients. This is another class action lawsuit that the deal will have to deal with delicately, as it seeks to keep its reputation intact in a space where there are a number of scams and cryptographic services. Mishandled Currency

in District Court of Northern District of California by Restis Law Firm on behalf of two users of Coinbase requests the refund of funds, including those sent with expired e-mail addresses. It is claimed that Bitcoin, which was emailed to people before acceptance and understanding of digital currencies, has not been claimed in many emails and, instead of returning coins, Coinbase has them simply kept. This falls under the yoke of unfair trading practices being leveled at the trade.

These two trials, of course, do not paint Coinbase in the best of lights, although they are only allegations currently. The negative press associated with bad practices and insider trading can be damaging, and for a company like Coinbase, this is not what is needed as they aim to be a positive encryption solution. "is echoed by some community influencers as Tone Vays, CryptoScam podcast host, tells how much of their energy and funds are going to stay afloat with all the legal battles.

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Waving Rumors

One aspect, which they have dealt with before, and had to deal with again this week, is the rumors that they would introduce RIpple to the exchange. again vehemently denied this, which had its effect on the Ripple Price.

The company has ann rumored this time in another Armstrong blog post as he stated:

"As of the date of this statement, we have made no decision to add additional assets to GDAX or Coinbase. Any statement to the contrary is false and is not authorized by the company. "

The effect of this rumor, and then the cancellation of it, showed quite clearly in the price chart of Ripple, but, like Matt Odell On Twitter, we can assume that Ripple could still make his way to Coinbase in the same way that Bitcoin Cash appeared on the stock exchange

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The blog article goes further to describe the process followed by Coinbase when 39 he decides to add a new piece to his stable, and as can be imagined it is not a simple process. Coinbase is subject to scrutiny and has many watchful eyes when making big calls, and it is up to him then to make sure that he is perfectly executed, for his own well-being and that of the entire crypto market.

Forging Ahead

Not everything is dark for Coinbase as they seek to extinguish fires along the way. The most recent move by the stock market is to move them in a different direction, offering a weighted index fund for cryptocurrencies. This means that, for US citizens, there is a possibility for investors to be exposed to all assets listed on the company's current stock exchange, GDAX, depending on their market capitalization.

direction for Coinbase as they widen their market to reach those who are perhaps closer to traditional investments, expanding the network and crypto amalgamating and traditional assets.

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Yet as with the fires that they are trying to put in the The manager of Full Tilt Capital, a venture capital firm and real estate solutions that has their eyes riveted on crypto, Anthony Pompliano , think it 's about a crossing. traditional investors and crypto

However, this decision is confusing for Meltem Demirors, Vice President of Digital Currency Group, because she says the same thing can be done on the Coinbase platform without having to pay the two percent.

Frank Chaparro, a well-regarded cryptocurrency writer for Business Insider also drew people to that this move By Coinbase is the one that aims to "pat [ping] Wall Street's appetite for cryptocurrency" in a tweet related to his article.

Eyes on coinbase

Like it or not, the importance of Coinbase as cryptocurrency platform, in a country with such media coverage as the United States United, puts it in the public eye, and as such, it attracts attention from all sides, keeping an eye on what Coinbase does, and how it handles certain situations, in order to forging a path through the unprecedented cryptocurrency ecosystem.

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Mati Greenspan, Senior Analyst of the eTor Trading Platform o, mentions Although they are based in the UK, the two companies work together to keep abreast of things such as regulations and trends.

"In the United Kingdom, we work with Coinbase and other major trading platforms via Crypto UK, a self-regulating trading body designed to set standards for the industry, so it's a collegial relationship. "

As Coinbase continues to try and put a wait bar for cryptocurrency services, He faces a tough battle against regulators and the opening of new territories. However, it is important to have established but reliable pioneers working to define this new ecosystem and this new industry, even if it is simply to establish a practicable path.