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February 12, 2022

Coinbase Removes “How to Buy” Links From Website

According to Reuters, popular crypto exchange, Coinbase has removed access to “how to buy” instructions for three cryptocurrency projects from its website.

The tokens – DeFi100, Mercenary, and SQUID – have been recognized as rug pulls, and the exchange believes that leaving the links on its website may result in users losing their cash. According to Coinbase representative Jaclyn Sales, the links were removed from the site after Reuters published a piece on the issue this week.

Sales stated that the pages were built using data from the main cryptocurrency price tracking website CoinMarketCap. The person also stated that the sites included a disclaimer stating that the content was not investment advice and that the company was not accountable for errors or delays as a result.

However, CoinMarketCap’s vice president of growth and operations, Shaun Heng, stated that the pages were not created by them and that they were not in conjunction with Coinbase.

“Crypto can’t grow without strong cryptography and strong security, but it also needs to be user friendly. Secure multi-party computation is an application of advanced mathematics to enable crypto assets to be stored, transferred, and deployed more securely, easily, and flexibly than ever before,” Coinbase said.

Coinbase, which was founded ten years ago, is a US-based cryptocurrency exchange that allows users to purchase and sell cryptocurrencies such as bitcoin, ethereum, and about 50 altcoins. With over 73 million global users, the platform is currently the largest in the United States.

With bad actors targeting trading platforms, Coinbase is not letting its guard down and has recently increased security to safeguard its consumers from scammers and hackers alike.

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To bolster its security, the exchange announced last year the acquisition of top Israeli crypto custody infrastructure business Unbound Security.