Coinbase: We do Not Trade Crypto From Our Own Account
Cryptovest
Published Sep 20, 2018 10:38AM ET
Updated Sep 20, 2018 11:40AM ET
Coinbase: We do Not Trade Crypto From Our Own Account
The American company Coinbase, one of the leading virtual coin exchanges, denied allegations from the New York Attorney General (AG) of using its own account for engaging in cryptocurrency trading. Coinbase chief policy officer Mike Lempres offered the rebuttal in a blog post on Thursday. Earlier this week Barbara Underwood, AG of the New York state, published a virtual markets report saying that “Coinbase disclosed that almost twenty percent of the volume executed on its platform was attributable to its own trading.”
However, according to Lempres, this conclusion is not correct as Coinbase does not operate a proprietary trading desk and does not engage in market-making actions. “When we execute these trades, we do so on behalf of Coinbase Consumer customers, not from own account and for own profit,” the exchange’s executive explained in the post, called “Correcting the record.”
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Written By: Cryptovest
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