Coinbase- the 2nd largest cryptocurrency exchange 1 by web Traffic factor, liquidity, and trading volumes (as per CoinMarketCap data) 2 has entered into a controversial phase since the listing of 34th rank holder OmiseGo (OMG) went live.
As per the announcement 3, OmiseGo (OMG) digital asset went live for trading via its professional trading platform Coinbase Pro on 21st May.
The American crypto exchange and wallet provider, Coinbase, as part of the progression phase and development practice steadily ramping up the number of altcoins for trading on the platform and making it available for the end cryptocurrency users.
On May 21, the exchange has onboarded the support for OmiseGo (OMG) and made it obtainable for the retail investors. With the support, cryptocurrency investors can buy, sell, convert, send, receive, or store OMG via US dollar and Bitcoin Bitcoin using http://Coinbase.com, iOS, and Android apps.
Reportedly, soon after the announcement the price of OMG token shoot up by 31%. Once the trade opened the price of OMG reached 200% within 15 mins and to a shock it crashed soon afterward. At the time of writing, OmiseGo seems to be hovering at $1.91.
The crypto twitter is piling up with the controversies behind the Coinbase listing for OmiseGo and its pump and dump show. People are claiming to be an insider trading act by both companies. For which Coinbase is yet to publish its comments.
Notorious History Repeats on CoinBase Exchange
During Dec 2017, Coinbase faced allegations of insider trading when it launched its support for Bitcoin Cash (BCH).
At the time, Bitcoin Cash (BCH)- the offshoot of original cryptocurrency Bitcoin (BTC), mounted even before any public announcement of Coinbase on the listing to its cryptocurrency exchange for the first time.
On the allegations, Coinbase defended that no evidence of foul play had noticed during the internal investigation which took place to find the involvement of internal employees in the improper/insider trading.
Back in May 2017, the same scenario occurred, though it was surmounted by Coinbase on the accusations of insider trading when the company listed Litecoin on its platform, and immediately Litecoin’s prices surged.