Crypto.com, the Singapore-based cryptocurrency exchange, faced accusations of proprietary trading and artificial manipulation of market prices.
People familiar with the matter told the Financial Times that the exchange, backed by Hollywood star Matt Damon, asked its employees never to publicize its "internal market maker type operation."
Crypto.com, however, denied the allegations. He insists that his employees were not asked to hide anything from outside trading companies.
โWe have an in-house market maker that operates on the Crypto.com exchange and that in-house market maker is treated the same as third-party market makers that identically facilitate tight spreads and efficient markets on our platform.โ
Crypto.com Official Report
that exchange reclaimed that their retailer app is the company's main revenue stream. Crypto.com added that it was "continuously" trying to "improve order book liquidity and reduce 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 โ$35 billion in crypto spot and $21 billion in crypto derivatives so far this year.โ
In January, Crypto.com CEO Kris Marszalek Announced a 20% headcount cut, citing poor market conditions. A month later, NBA star LeBron James reached an all-time high of 38,388 points on the Crypto.com Arena.
On June 9, the exchange announced the discontinuation of its institutional services for US clients. for him reportCrypto.com will halt its operations in the US on June 21, citing limited demand for its services in the region.
