The Securities Exchange Commission (SEC) announced that the Massachusetts District Court issued a final judgment on April 7 against Emirati cryptocurrency market maker CLS Global FZC LLC. The company was previously accused of manipulating the market trading of NexFundAI crypto assets to induce investors to buy by creating false trading activity levels.
According to the judgment, CLS Global is required to pay a $425,000 civil penalty, $3,000 in illegal income, and $80.39 in pre-judgment interest. In addition, the company is required to ensure that neither existing nor new customers are U.S. individuals or entities within 30 days, and to submit annual compliance certification reports for the next three years. The fines can be offset if the company pays penalties in related criminal proceedings.
Cryptocurrency market maker CLS Global has been fined by the SEC for alleged market manipulation
2025-04-17 14:02:27
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