U.S. CFTC orders Coinbase to pay $6.5 million for false reporting, other actions

FILE PHOTO: Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters) – The U.S. Commodity Futures Trading Commission on Friday ordered digital asset exchange operator Coinbase Inc to pay $6.5 million to settle charges of reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase’s GDAX platform, the regulator said in a statement.

“Between January 2015 and September 2018, Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin” on GDAX, the CFTC said.

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