Cryptocurrency market maker CLS Global fined by SEC for alleged market manipulation

According to Golden Finance, the US Securities and Exchange Commission (SEC) announced that the Massachusetts District Court made its final ruling on April 7th against CLS Global FZC LLC, a UAE cryptocurrency market maker. The company was previously accused of manipulating the market trading of NexFundAI encrypted assets, inducing investors to purchase by creating false trading activity. According to the verdict, CLS Global is required to pay a civil fine of $425000, illegal gains of $3000, and pre judgment interest of $80.39. In addition, the company is required to ensure that existing and new customers are not US individuals or entities within 30 days, and submit compliance certification reports annually for the next three years. If the company pays fines in relevant criminal proceedings, the above fines can be offset.