US SEC: Cryptocurrency market maker CLS Global FZC has admitted to violating securities laws

CoinRank News: The U.S. Securities and Exchange Commission (SEC) announced that the U.S. District Court for the District of Massachusetts has issued a final judgment against CLS Global FZC LLC, a UAE entity that claims to be a crypto asset market maker, for violating securities laws. In addition, the SEC accused CLS Global of participating in a plan to manipulate the NexFundAI market by offering and selling a crypto asset to retail investors as a security, with the intention of inducing victim investors to buy NexFundAI by creating the illusion of an active trading market. CLS Global agreed to the final judgment, according to which it will be required to pay a civil penalty of $425,000, $3,000 in disgorgement, and $80.39 in prejudgment interest.