U.S. Court Issues Final Judgment Against CLS Global for Crypto Market Manipulation

According to PANews, the U.S. District Court in Massachusetts has issued a final judgment against UAE-based entity CLS Global FZC LLC. The court found that CLS Global manipulated the price of the cryptocurrency asset 'NexFundAI' by creating a false active trading market, misleading retail investors into purchasing the asset. CLS Global has agreed to pay a fine of $425,000 along with related interest and is required to cease business activities with U.S.-related individuals or entities. Earlier this year, it was reported that crypto market maker CLS Global pleaded guilty following a sting operation and investigation by the FBI.