### Cryptocurrency Market Maker Pleads Guilty, Faces Fine#

CLS Global, a UAE-based cryptocurrency financial services company, has admitted to assisting in market manipulation in the U.S. Federal Bureau of Investigation's (FBI) "Operation Token Mirror," and has agreed to plead guilty. The operation aimed to expose fraud in the cryptocurrency industry. The FBI personally directed the creation of the digital token NexFundAI and set up fake cryptocurrency companies to entrap fraudsters. CLS Global, one of three market makers, provided illegal trading services for cryptocurrency companies, including fake trades, to artificially inflate trading volume and prices. CLS Global will plead guilty to two charges related to fraudulent manipulation of cryptocurrency trading volume and will pay a $428,059 fine. In addition, the company will be barred from engaging in cryptocurrency trading on trading platforms accessible to U.S. investors or providing services to U.S. cryptocurrency customers. It has also committed to annual certifications of its business practices and agreed to settle related civil charges brought by the U.S. Securities and Exchange Commission (SEC). This event serves as another warning to cryptocurrency market participants to be wary of market manipulation and to strengthen regulations of trading platforms and market makers.