The U.S. Department of Justice confirmed a guilty plea from MyTrade operator Liu Zhou, who engaged in wash trading to falsely inflate cryptocurrency prices.
According to the DOJ, Zhou's MyTrade MM was accused of conducting self-trades and manipulating market activity by creating the illusion of higher transaction interest.
CLS Global's CEO emphasized their willingness for constructive dialogue with U.S. regulators, acknowledging areas for improvement in their operations.
Charging documents indicated that multiple firms, including Gotbit and ZM Quant, were also implicated in similar wash trading schemes to create a facade of legitimate trading.
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