CLS Global Confesses to Market Manipulation and Wire Fraud Charges

The UAE-based market maker, CLS Global, has admitted to charges of manipulating financial markets and committing wire fraud. This admission came as a result of an investigation conducted by the U.S. Federal Bureau of Investigation (FBI) in a sting operation. The company faces substantial penalties, including a $428,059 fine that includes seized cryptocurrency assets, alongside a three-year ban from engaging in US cryptocurrency markets.