UAE Market Maker Exposed: FBI Sting Uncovers Fake Trading Volume Scheme
CLS Global FZC LLC, a UAE-based market maker, has agreed to plead guilty to charges of market manipulation and wire fraud following an FBI undercover sting operation.
The company will pay a $428,059 penalty, including seized cryptocurrency, and will be banned from participating in U.S. cryptocurrency markets. CLS Global is accused of inflating its trading volumes to attract investors. Using an algorithm for wash trading, which was hard to detect. The DOJ’s plea deal also involves annual certifications to ensure compliance. Additionally, CLS Global faces a civil action from the SEC for alleged securities law violations.
Clever Robot News Desk 24th January 2025
