Main navigation Has Internal Teams to Trade Tokens for Profit: The Financial Times

Mon, 06/19/2023 - 10:07
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Yuri Molchan
Anonymous sources claim that has deployed its own internal teams who are trading for company's profit Has Internal Teams to Trade Tokens for Profit: The Financial Times
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According to a recent report by prominent news outlet The Financial Times, the digital exchange endorsed by Hollywood star Matt Damon in a commercial has shown signs that there may be a potential conflict of interest in the crypto space. alleged to be conducting internal trading operations

Anonymous sources have told FT that the top crypto exchange headquartered in Singapore runs its own teams for trading and market making. The sources are five people in the know, according to the article.

Recently, U.S. regulatory authorities have started cracking down on other crypto exchanges for similar allegations. Last week, the securities regulator hit Binance with a lawsuit, filing dozens of charges. They include Binance chief CZ owning a trading company, whose goal is manipulative trading in order to artificially inflate the trading volume of Binance. As a reminder, this platform is the largest in the world by this crucial metric.

Chairman of the SEC Gensler stated that crypto exchanges "are commingling a number of functions." He referred to the NYSE, saying that it does not operate hedge funds and is not a market maker, unlike crypto trading platforms, like Binance, and regular stock exchanges are not allowed to do that.

FT stated that internal trading at has not been noticed since the company entered the market in 2016.

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Here's what platform has to say about this

According to the five people "with direct knowledge of the matter," executives of the aforementioned exchange told the members of their trading team to say, if asked, that no internal trading operations exist. denied that. It admitted that such a trading and market making team exists. However, according to the response of the exchange to FT, the trading team is treated like any other third-party trader. Besides, they are trading not only on but on other exchanges as well, according to the comment.

Besides, stated that the main task of the trading team is to make sure that the company's risks remain low by hedging certain positions on, and several other exchanges as well.

The sources still claim that through its own teams, is only trying to boost liquidity on the platform and make profits.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at