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Transparency Concerns Arise as Crypto.com Faces Allegations of Concealing Internal Trading Activities

19 June 2023
in Latest News, News
Reading Time: 3 mins read
103 5
Home News Latest News

Last updated on June 21st, 2023 at 01:31 pm

Crypto.com has been accused of engaging in internal proprietary trading activities. According to a report by The Financial Times, the exchange is said to have taken steps to conceal these trading operations and instructed employees to deny any involvement in internal market-making activities.

In response to the allegations, Crypto.com has denied any inappropriate connection between its exchange and internal trading operations. The company’s spokesperson confirmed the existence of an internal market maker but stated that they are treated no differently from external market makers who work to maintain narrow spreads and efficient markets on the platform.

While internal market-making is not inherently illegal or uncommon, the alleged efforts by Crypto.com to hide these activities have raised eyebrows within the industry. Transparency and accountability are crucial aspects of the cryptocurrency market, and any attempts to obfuscate trading operations may undermine trust among users and regulators.

The practice of internal trading operations has been a contentious issue within the cryptocurrency industry. Companies like BitMEX and Binance have previously operated trading desks to maintain market liquidity. However, critics argued that this business model could create conflicts of interest and the potential for preferential treatment of customer trades.

The U.S. Securities and Exchange Commission (SEC) has also been vocal about its concerns regarding interconnected business models in the cryptocurrency space. Recently, the regulator filed separate lawsuits against Coinbase and Binance and highlighted potential issues related to their business structures as the basis of these lawsuits. 

In the lawsuit against Coinbase, the SEC specifically accused the company of operating as an unregistered Securities Broker, Exchange, and Clearing Agency. According to the SEC, Coinbase has allegedly acted as an illegal securities broker since 2019, two years prior to its initial public offering in April 2021. The regulator claimed that Coinbase has been able to evade the required disclosure rules for securities markets by operating multiple entities simultaneously.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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