​Media accuse Crypto.com of hiding transactions on the platform

What’s new? Cryptocurrency exchange Crypto.com concealed a number of trades on the platform carried out by its staff. Personnel were instructed to keep information about these operations secret, the Financial Times reports, citing its own sources familiar with the matter. The exchange’s representatives deny the allegations.

News on the FT website

What else is known? According to the FT, the platform was trading internally to make money, “not facilitating an exchange.” That said, the Crypto.com team claims that all transactions were conducted solely to maintain liquidity.

“We have an internal market maker that operates on the Crypto.com exchange and that internal market maker is treated exactly the same as third-party market makers that identically facilitate tight spreads and efficient markets on our platform,” an exchange spokesperson commented on the allegations.

About Crypto.com. It is a centralized crypto exchange (CEX) founded in 2016. There are 280 coins and 502 trading pairs available on the platform. The daily trading volume, according to CoinGecko as of June 19, is $42,41 million. The native token CRO is trading at $0,0538, down by 0,27% overnight. The asset ranks 35th in the cryptocurrency ranking with a capitalization of $1,36 billion.

Earlier, the exchange announced the suspension of work with institutional investors in the United States since June 21 due to the limited demand for the service. The closing of the service comes amid obtaining a permit to operate from the Singapore regulator. Crypto.com was licensed by the Monetary Authority of Singapore (MAS) for digital payment token (DPT) services on June 1.

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