Employees of the exchange have been ordered to keep such transactions confidential, the journalists assure. The crypto-exchange tried to hide internal trading activity, and management strictly required employees to declare that there were no market making operations on the platform, FT sources insist.<br
Responding to questions from the Financial Times, Crypto.com said employees were not asked to lie to other marketers.
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“We have an internal market maker who works for Crypto.com, and that internal market maker is treated exactly the same as third-party market makers,” the company explained.
Sources interviewed by the FT told them that exchange teams trade on Crypto.com and other venues for personal financial gain, not to contribute to the development of the exchange. The company’s own trading floor operates both on the company’s own exchange and on other platforms, said sources familiar with the company’s practices. According to one of them, the team’s only goal is to make money.
Crypto.com representatives deny any improper practices and say these transactions were conducted to maintain liquidity on the platform.
Crypto.com recently announced that it has suspended its service for institutional customers in the U.S. as of June 21. This is due to the low demand for such services.<br
Crypto.com has successfully completed a one year pre-licensing trial period and has been approved to operate in Singapore;