Coinbase to conduct internal investigation

Coinbase suspects its employees may have tried to make a quick buck off its launch of bitcoin cash (BCH) on the platform     
20 December 2017   1245

One of the largest cryptocurrency exchanges, announced on Tuesday that it starts BCH trading. In few hours, this hardfork of Bitcoin reached $8,500 on Coinbase’s GDAX platform. It is almost 3 times higher than the 3,500 price being quoted on other exchanges. Shortly, BCH trading was suspended on GDAX, due to “significant volatility” and signs of foul play. This is reported by the Investopedia. 

On the next day, 20.12.2017, CEO Brian Armstrong published the blog post, saying the price of BCH on other exchanges began increasing hours before his company made its announcement, indicating that employees who knew about the launch engaged in insider trading. Armstrong noted that Coinbase is currently looking into the matter. 

Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.

Brian Armstrong

CEO, Coinbase

Armstrong also added that Coinbase staff, together with their family and friends, had been forbidden from trading BCH for the past month as the company prepared to make the coin available on its own exchange. He added that a similar policy was also adopted before the San Francisco-based firm began supporting Ether and Litecoin. 

We’ve had a trading policy in place for some time at Coinbase. The policy prohibits employees and contractors from trading on “material non-public information”, such as when a new asset will be added to our platform. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. This includes to friends and family.

Brian Armstrong

CEO, Coinbase

Coinbase is going to add BCH trading on Wednesday again.

Bitcoin Card Shift by Coinbase to be Deactivated

There's no info on reasons for this decision, but Shift Payments hope to relaunch the program and issue new cards in the near future
18 February 2019   82

Representatives of Shift Payments have announced the completion of the debit card service program for clients of the American cryptocurrency company Coinbase. So, from April 11, the cards will become invalid, according to The Block.

Note that the issuer of bitcoin cards with support for networks of Visa and Mastercard was Metropolitan Commercial Bank.

As reported, Shift Payments said that they "hope to relaunch the program and issue new cards in the near future." It remains unclear why the debit card is shutting down.

Debit bitcoin cards became available to Coinbase users in November 2015.