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SirWin
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SirWin

Crypto.com denies allegations of market prices manipulation

crypto-com-denies-allegations-of-market-prices-manipulation
Edited by
News
Crypto.com denies allegations of market prices manipulation

The Singapore-based crypto exchange Crypto.com faced allegations of proprietary trading and artificially manipulating market prices.

People familiar with the matter told Financial Times that the exchange, supported by the Hollywood star Matt Damon, asked its employees never to bring out its “internal market maker type operation.”

Crypto.com, however, denied the accusations. It insists that its employees were not asked to hide anything from the external trading companies.

“We have an internal market maker that operates on the Crypto.com exchange and that internal market maker is treated exactly the same as third-party market makers that identically facilitate tight spreads and efficient markets on our platform.”

Crypto.com’s official report

That exchange claimed that its app for retail traders is the company’s primary income stream. Crypto.com added it was “continuously” trying to “improve order book liquidity and lowering spreads as it results in a more efficient market for all participants.”

Furthermore, the FT report added that Crypto.com has already traded a whopping “$35bn in spot crypto and $21bn in crypto derivatives so far this year.”

In January, Crypto.com CEO Kris Marszalek announced a 20% workforce cut, citing bad market conditions. A month later, NBA star LeBron James reached an all-time high record of 38,388 points at the Crypto.com Arena.

On June 9, the exchange announced discontinuing its institutional services for US clients. Per the report, Crypto.com will halt operations in the US on June 21, citing limited demand for its services in the region.