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One of the leading cryptocurrency exchanges – Crypto.
The company rejected the allegations, claiming that it has adopted best practices for operating in the industry.
Crypto.com Under Fire
Five people with direct knowledge of the matter Said The Financial Times reported that the cryptocurrency platform had deployed internal teams to engage in illegal activities, including proprietary trading. One of the individuals revealed that Crypto.com executives asked employees to sign “sworn statements” that the firm was not involved in such actions. He was asked to “say that there is no internal market maker type operation.”
Another person claimed that the proprietary trading desk operates on the firm’s platform and is spread across different locations. He added that the objective of the team in charge of that operation is to make money “and not facilitate the exchange”.
Crypto.com said it never urged its employees to lie to other market participants. It also assured that most of its revenue comes from its application for retail merchants.
“Thus, the Crypto.com trading team ensures that Crypto.com is risk neutral by hedging these positions across multiple venues, including the Crypto.com exchange,” the entity said.
The exchange rejected claims that its market-making unit seeks to boost liquidity. Instead, its priority is to “continually improve order book liquidity and reduce spreads as this results in a more efficient market for all participants.” Next, it guarantees that all participants, including market makers, are “treated equally.”
This is another problem that the exchange has to deal with. The war that the US SEC is waging on the cryptocurrency sector has also affected Crypto.com, which Said It will stop serving institutional customers in the states from June 21.
coinbase case
Rumors spread throughout the community last September were told That Coinbase is also engaged in proprietary trading.
The individuals, whose identities remained undisclosed, said the exchange hired Wall Street traders in 2021 and set up an entity that aimed to use the firm’s own funds to trade and stake digital currencies. He said the division conducted $100 million worth of transactions to test operations.
A Coinbase spokesperson disagreed with the allegations, confirming that the group was created to facilitate “client-driven cryptocurrency trading” and not conduct illegal activities. The company’s CFO – Alessia Haas – also dismissed the claims:
“Coinbase is an agency-only platform. We do not engage in proprietary trading on our platform.”
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One of the leading cryptocurrency exchanges – Crypto.
The company rejected the allegations, claiming that it has adopted best practices for operating in the industry.
Crypto.com Under Fire
Five people with direct knowledge of the matter Said The Financial Times reported that the cryptocurrency platform had deployed internal teams to engage in illegal activities, including proprietary trading. One of the individuals revealed that Crypto.com executives asked employees to sign “sworn statements” that the firm was not involved in such actions. He was asked to “say that there is no internal market maker type operation.”
Another person claimed that the proprietary trading desk operates on the firm’s platform and is spread across different locations. He added that the objective of the team in charge of that operation is to make money “and not facilitate the exchange”.
Crypto.com said it never urged its employees to lie to other market participants. It also assured that most of its revenue comes from its application for retail merchants.
“Thus, the Crypto.com trading team ensures that Crypto.com is risk neutral by hedging these positions across multiple venues, including the Crypto.com exchange,” the entity said.
The exchange rejected claims that its market-making unit seeks to boost liquidity. Instead, its priority is to “continually improve order book liquidity and reduce spreads as this results in a more efficient market for all participants.” Next, it guarantees that all participants, including market makers, are “treated equally.”
This is another problem that the exchange has to deal with. The war that the US SEC is waging on the cryptocurrency sector has also affected Crypto.com, which Said It will stop serving institutional customers in the states from June 21.
coinbase case
Rumors spread throughout the community last September were told That Coinbase is also engaged in proprietary trading.
The individuals, whose identities remained undisclosed, said the exchange hired Wall Street traders in 2021 and set up an entity that aimed to use the firm’s own funds to trade and stake digital currencies. He said the division conducted $100 million worth of transactions to test operations.
A Coinbase spokesperson disagreed with the allegations, confirming that the group was created to facilitate “client-driven cryptocurrency trading” and not conduct illegal activities. The company’s CFO – Alessia Haas – also dismissed the claims:
“Coinbase is an agency-only platform. We do not engage in proprietary trading on our platform.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
