The US SEC's ruling against CLS Global, a market maker in the UAE market, has come into effect, prohibiting trading with the US and imposing fines

According to the announcement from the US Securities and Exchange Commission (SEC), the Massachusetts District Court has made a final ruling against CLS Global FZC LLC, a UAE entity, finding that it manipulated the price of the cryptocurrency asset "NexFundAI" by creating a false active trading market to induce retail investors to buy. CLS Global agrees to pay a fine of $425000 and related interest, and must cease conducting business with individuals or entities related to the United States. Earlier this year, it was reported that crypto market maker CLS Global pleaded guilty after being lured and investigated by the FBI in the United States.