UAE-registered crypto market maker CLS Global admits to false trading manipulating the market and will pay a fine of $428,000

ChainCatcher News, the U.S. Department of Justice announced that the UAE-registered crypto market maker CLS Global has agreed to plead guilty, admitting to providing "wash trading" services for the undercover law enforcement-created virtual project NexFundAI during July-August 2024, executing self-trades across multiple wallets through algorithms to fabricate trading volume to attract investors.

Company employees admitted in a video conference: "This is wash trading, and we have done this for many clients." If the court approves the plea agreement, CLS Global will pay a fine of $428,059 and forfeited cryptocurrency, and will be banned from participating in the U.S. cryptocurrency market. The company has over 50 overseas employees, primarily providing crypto-related services to U.S. investors.