UAE-based Crypto Firm CLS Global Fined $428,000 for Wash Trading Scheme in U.S. Markets
CLS Global, a UAE-based financial services firm, has been fined $428,059 after admitting to wash trading in U.S. cryptocurrency markets. The firm pleaded guilty to market manipulation and wire fraud charges after a sting operation led by the FBI. The charges relate to CLS Global’s role in manipulating cryptocurrency trading volumes to attract investors.
CLS Global was sentenced in federal court in Boston on April 2, 2025, and was ordered to pay the fine, which includes both seized cryptocurrency and monetary penalties. Additionally, the company was sentenced to three years of probation, during which it is banned from participating in cryptocurrency markets accessible to U.S. investors. The company’s actions were revealed…
