{"id":207149,"date":"2021-03-20T20:32:10","date_gmt":"2021-03-20T17:32:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/following-6-5-million-cftc-fine-coinbase-delays-direct-stock-listing\/"},"modified":"2021-03-20T20:32:10","modified_gmt":"2021-03-20T17:32:10","slug":"following-6-5-million-cftc-fine-coinbase-delays-direct-stock-listing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/following-6-5-million-cftc-fine-coinbase-delays-direct-stock-listing\/","title":{"rendered":"# Following $6.5 million CFTC fine, Coinbase delays direct stock listing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b399408690\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b399408690\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/following-6-5-million-cftc-fine-coinbase-delays-direct-stock-listing\/#IPO_Delayed\" >IPO Delayed<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Following $6.5 million CFTC fine, Coinbase delays direct stock listing  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvMzI3NzUyYjgtNTM2My00ODkzLThkMzQtOTVkNWE0NTUxY2QwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>After settling charges of improper reporting of exchange volume and \u201cself-trading\u201d with the CFTC yesterday, reports have emerged that cryptocurrency exchange giant Coinbase is set to push back its stock listing to next month. The company had previously been expected to go public some time in March.\u00a0<\/p>\n<p>Yesterday, March 19 the Commodity Futures Trading Commission announced a settlement with Coinbase over charges that the company inaccurately reported trading data on Bitcoin, and that an employee \u201cself-traded\u201d to create the illusion of volume and demand for Litecoin. <\/p>\n<p>\u201cReporting false, misleading, or inaccurate transaction information undermines the integrity of digital asset pricing,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21\">said<\/a> Acting Director of Enforcement Vincent McGonagle. \u201cThis enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.\u201d<\/p>\n<p>The CFTC order says that between January 2015 and September 2018 the company operated two automated trading programs, Hedger and Replicator. While the exchange disclosed the use of a trading program, they did not reveal that they were using two that often matched trades. <\/p>\n<p>As a result, the Coinbase API delivered fraudulent trading data to entities such as the CME Bitcoin Real Time Index, and CoinMarketCap, as well as NYSE Bitcoin Index via \u201cdirect transmission\u201d from Coinbase. <\/p>\n<p>The CFTC notes that this falsified data \u201cpotentially resulted in a perceived volume and level of liquidity of digital assets, including Bitcoin, that was false, misleading, or inaccurate.\u201d<\/p>\n<p>Additionally, the announcement notes that an employee intentionally placed matching LTC\/BTC trades during a six-week period in 2016 to create the illusion of liquidity and demand for LTC. The CFTC found Coinbase \u201cvicariously liable\u201d for these fraudulent trades. <\/p>\n<p>The total penalty for these charges is $6.5 million. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"IPO_Delayed\"><\/span>IPO Delayed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Following the settlement with the CFTC, a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-20\/coinbase-s-direct-listing-is-said-to-be-pushed-back-to-april\">report<\/a> late last night from Bloomberg says that the exchange has delayed their direct stock listing to next month.\u00a0<\/p>\n<p>Citing \u201cpeople familiar with the matter,\u201d Bloomberg said that the plans for a March stock offering on American exchanges has \u201cslipped,\u201d and no further details were provided.<\/p>\n<p>Earlier this month, Bloomberg cited anonymous sources to report that Justin Sun had won the nearly $70 million Christie\u2019s auction for a Beeple NFT, which later proved to be false, as well as that Binance was under investigation by the CFTC for allowing US residents to place illegal trades. Binance CEO Changpeng Zhao vigorously denied the characterization of the report. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/following-6-5-million-cftc-fine-coinbase-delays-direct-stock-listing\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Following $6.5 million CFTC fine, Coinbase delays direct stock listing &#8221; After settling charges of improper reporting of exchange volume and \u201cself-trading\u201d with the CFTC yesterday, reports have emerged that cryptocurrency exchange giant Coinbase is set to push back its stock listing to next month. The company had previously been expected to go public&#8230;<\/p>\n","protected":false},"author":1,"featured_media":207150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvMzI3NzUyYjgtNTM2My00ODkzLThkMzQtOTVkNWE0NTUxY2QwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,74956,70934,70359],"class_list":["post-207149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-coinbase","tag-regulation","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/207149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=207149"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/207149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/207150"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=207149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=207149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=207149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}