Coinbase: instant BTC, ETH, LTC buying with bank account

Coinbase enables instant BTC, ETH and LTC purchases with a US bank account
25 October 2017   1523

One of the leading cryptocurrency exchanges, Coinbase, announces the ability for customers to instantly purchase digital currency using a US bank account. 

Previously, customers who purchased using a bank account had to wait several days before receiving their digital currency. Now, customers can buy up to $25,000 and receive access to their digital currency immediately.

Our mission is to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange. Instant purchases make it significantly easier and faster for customers to invest in the digital currency ecosystem. Reducing the time to receive digital currency has been a highly requested feature and we are pleased to provide this improved experience for our customers.
 

David Farmer
Director of Comms, Coinbase

In its turn, this is to be a welcome addition for consumers, many of whom desire to purchase Ether so they can participate in initial coin offerings (ICOs), but do not reallize that they need to plan ahead to make sure their coins are available at the start of the ICO.

As detailed by Coinbase, the instant bank purchases are live for “many customers in the US”. The company claims that it will continue to expand the availability of this feature during the coming months.

Lawsuit Against Coinbase to Details BCH Insider Trading

The plaintiffs argue that the exchange intentionally created the conditions for BCH pumps
22 November 2018   341

On Tuesday, November 20, a supplemented class action was filed with the federal district court of the Northern District of California against the largest US cryptocurrency company Coinbase, which contains data on the “false” statements of the latter when listing Bitcoin Cash in December 2017 and other details of probable insider trading, reported by CoinDesk.

The plaintiffs argue that the exchange intentionally created the conditions for Bitcoin Cash's pumps and allowed a limited number of traders to sell at the best price.

As a consequence of this scheme, the Individual Defendants and Coinbase enabled Coinbase to earn significant fees from the trades of its customers, from which Coinbase earned a spread over an inflated price for BCH, and to avoid a ‘run’ on the Company by sellers anxious to take advantage of the inflated price, by closing down trading within minutes of the Launch to all except certain insiders who were positioned to and did sell BCH at inflated prices during the Launch.
 

Lawsuit

Recall, against the background of listing on Coinbase, the BCH rate in just 48 hours took off by 130% - from $ 1,865 to $ 4,300. Trading was suspended already four minutes after the start.

Then, a Bitcoin enthusiast Albert Renshaw published a deleted correspondence on /r/Coinbase the day before the BCH listing, in which an unknown user mukiva2 warned traders about the upcoming event, citing a source in the company.

At the same time, the internal investigation of Coinbase found no evidence of insider trading, and at the end of October the Federal District Court of the Northern District of California rejected one of the lawsuits against the company [of March 2] due to the absence of legal grounds for its consideration.