The Coinbase cryptocurrency exchange application seen on the screen of an iPhone.

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."

It comes after the New York Attorney General released the "Virtual Markets Integrity Report," which highlighted concerns over the current cryptocurrency trading situation. The report raised issues over platforms' ability to stop abusive trading activity and protect customers' funds.