<ul><li>Cryptocurrency financial services firm, CLS Global FZC LLC, has admitted to wash trading and will plead guilty to charges of market manipulation and wire fraud as part of a settlement with the US Department of Justice (DoJ).</li><li>As part of the settlement, CLS Global will pay $428,059 in penalties and restitution and will be prohibited from participating in cryptocurrency markets accessible to US investors.</li><li>The DoJ's investigation involved creating a fictitious cryptocurrency company and documented discussions with a CLS Global employee who detailed how the company's algorithm generated fake trading volume.</li><li>The Securities and Exchange Commission (SEC) also filed a separate civil enforcement action against CLS Global for securities law violations.</li></ul>

Major Crypto Services Firm Admits to Wash Trading as Part of DOJ Settlement—Details

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