Coinbase Issues Statement Clarifying It Doesn't Engage in Proprietary Trading
Coinbase does not trade for the benefit of the company on a proprietary basis. In order to provide an easy-to-use customer experience, Coinbase Consumer quotes a price and then quickly fills the order from our exchange platform (Coinbase Markets). This takes advantage of the liquidity provided by the entire Coinbase ecosystem.”
“The report states: ‘Coinbase disclosed that almost twenty percent of executed volume on its platform was attributable to its own trading.’”
Coinbase received a BitLicense from the New York State Department of Financial Services (DFS) in January 2017, which has been required for all New York crypto trading firms as of August of 2015.
In a previous statement, Coinbase had outlined that its participation in the NY Virtual Markets Integrity report and questionnaire was intended to shed light on a range of steps the exchange has been undertaking to address matters of compliance with federal and state regulators, which include measures to address cybersecurity, market integrity and platform reliability.