Coinbase seems to have found itself at odds with the WSJ’s anonymous sources.
Relying on information supplied by “people at the company,” the WSJ wrote on Thursday that Coinbase made a $100-million transaction that was viewed inside the company as a test trade by the company’s Risk Solutions group, which had been formed for the purpose of proprietary trading. Proprietary tradingthe practice by banks and financial institutions of trading their own money for their own gain, rather than doing so to earn a commission from a client.
It would not have been illegal for Coinbase to engage in proprietary trading, the WSJ noted, but it could still be a matter of concern. An institution could trade against the interests of its clients, for example. Coinbase said in its blog post that “Coinbase does not operate a proprietary trading business or act as a market maker,” although “many of our competitors” do engage in proprietary trading.
“The Wall Street Journal published an article highlighting client-driven activities, which they seem to confuse with proprietary trading.”, CEO of Coinbase’s U.S. subsidiary and chief financial officer of Coinbase Global, before the United States House of Representatives Committee on Financial Services on Dec. 8, 2012, in which she stated, as quoted in the WSJ, “We do not engage in proprietary trading on our platform.
However, the WSJ claimed, “Coinbase used the $100 million to profit in cryptocurrency markets, according to the people” who served as its sources.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Coinbase Completed $100M Transaction to Test Proprietary Trading: Report.Coinbase completed a $100 million transaction to test its proprietary trading efforts earlier this year, according to a report. By JamieCrawleyCD
Lire la suite »
Coinbase tested an internal crypto trading desk last year: WSJExchange giant Coinbase tried to establish an internal crypto trading desk last year, the Wall Street Journal reports.
Lire la suite »
Startup Intelligence Company Roiquant Helps Founders Reduce Risk of Business Failure | HackerNoon'Startup Intelligence Company Roiquant Helps Founders Reduce Risk of Business Failure' startupintelligence businessfailure
Lire la suite »
Batch Auctions | CoinMarketCapCMCGlossary: Batch Auctions ✨ Batch auctions are a trading mechanism in which individual orders are grouped together and executed simultaneously. 👉 Details:
Lire la suite »
What is Online Trading? | HackerNoonOnline trading comes with a number of risks, so it's important to understand what you're getting into before placing any trades.
Lire la suite »
Crypto Exchange Coinbase Secures Registration From Netherlands' Central Bank.Coinbase has registered with the DNB_NL, allowing it to offer crypto products to consumers and businesses in the Netherlands. By JamieCrawleyCD
Lire la suite »