.Cryptocom uses its own team for trading crypto against its customers, sources close to the matter claim. insidertrading SEC
Matt Damon in a commercial has shown signs that there may be a potential conflict of interest in the crypto space.Anonymous sources have told FT that the top crypto exchange headquartered in Singapore runs its own teams for trading and market making. The sources are five people in the know, according to the article.
Recently, U.S. regulatory authorities have started cracking down on other crypto exchanges for similar allegations. Last week, the securities regulator hit, filing dozens of charges. They include Binance chief CZ owning a trading company, whose goal is manipulative trading in order to artificially inflate the trading volume of Binance. As a reminder, this platform is the largest in the world by this crucial metric.
Chairman of the SEC Gensler stated that crypto exchanges"are commingling a number of functions." He referred to the NYSE, saying that it does not operate hedge funds and is not a market maker, unlike crypto trading platforms, like Binance, and regular stock exchanges are not allowed to do that. FT stated that internal trading at Crypto.com has not been noticed since the company entered the market in 2016.
FT: The crypto Exchange Cryptocom operates internal proprietary trading and market making teams to be the customers’ counterparty to improve order book liquidity for transactions and ran as a broker model.
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