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Coinbase Stops Support For Bitcoin Cash After Rumors of Insider Trading

Bitcoin cryptocurrency. (Pixabay)

Coinbase which is a well-established company in the cryptocurrency world stopped allowing transactions of the coin known as Bitcoin Cash during the increase in price moment.This was done after rumors of insider trading were going on with employees of the company. Coinbase has since launched an internal probe to determine if its employees were actually participating in some insider trading.

In case you were wondering, insider trading happens when someone usually from within the company knows info that nonpublic. This can affect the prices of certain items, as such with Bitcoin Cash.

The rumors of insider trading started to go around after the cryptocurrency was introduced on the platform. The price was around $2000- 3000 CAD and rose significantly. The current price of Bitcoin Cash (BCH) is around $4000 CAD.  Coinbase shut down support for Bitcoin Cash at that current moment.

Coinbase CEO Brian Armstrong said: “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.”

It must be noted that Bitcoin Cash appears to now have support on the Coinbae website.

By Michael Normandin

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