Coinbase denies engaging in prop trading

Cryptocurrency firm Coinbase has denied engaging in proprietary trading after the New York Attorney General said that almost 20 percent of transactions on its platform were attributable to the company.

Proprietary trading is when a firm invests for its own gain rather than on behalf of its clients. Coinbase has its own crytocurrency trading platform and wallet.

In a blog post late on Wednesday, Coinbase’s Chief Policy Officer Mike Lempres said that the company “does not engage in proprietary trading.”

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.