{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: Paid crypto market making enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/technique/paid-crypto-market-making/", "feed_url": "https://marketmanipulation.org/feeds/technique/paid-crypto-market-making.json", "description": "The 8 most recent enforcement records tagged paid crypto market making in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges.", "language": "en-US", "items": [ { "id": "https://marketmanipulation.org/cases/sec-gotbit-consulting-llc-a-k-a-gotbit-hedge-fund-wash-trading-2026/", "url": "https://marketmanipulation.org/cases/sec-gotbit-consulting-llc-a-k-a-gotbit-hedge-fund-wash-trading-2026/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26598", "title": "SEC v. Gotbit Consulting LLC a/k/a Gotbit Hedge Fund and Fedor Kedrov (paid crypto market making, 2026)", "summary": "In August 2026, the SEC announced a proposed settlement of its fraud and market manipulation claims against Gotbit Consulting LLC, an injunction and a bar on participating in securities offerings, and dismissed its claims against employee Fedor Kedrov.", "date_published": "2026-08-03T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/sec-cls-global-fzc-llc-paid-crypto-market-making-2025/", "url": "https://marketmanipulation.org/cases/sec-cls-global-fzc-llc-paid-crypto-market-making-2025/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26287", "title": "SEC v. CLS Global FZC LLC (paid crypto market making, 2025)", "summary": "In 2025, the Securities and Exchange Commission obtained a judgment against CLS Global FZC LLC, alleging conduct this library classifies as paid crypto market making. The release records a civil penalty of $425,000, disgorgement of $3,000. A parallel criminal matter is referenced in the release.", "date_published": "2025-04-17T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making" ] }, { "id": "https://marketmanipulation.org/cases/sec-cls-global-fzc-llc-paid-crypto-market-making-2024/", "url": "https://marketmanipulation.org/cases/sec-cls-global-fzc-llc-paid-crypto-market-making-2024/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26154", "title": "SEC v. CLS Global FZC LLC and Andrey Zhorzhes (paid crypto market making, 2024)", "summary": "In October 2024 the SEC charged CLS Global FZC LLC, a UAE crypto market maker, and Andrey Zhorzhes over an alleged scheme to create false trading activity in the NexFundAI token. On April 7, 2025 CLS Global consented to a final judgment with an injunction, a $425,000 penalty, $3,000 in disgorgement and $80.39 in interest, plus undertakings to stop serving U.S. clients; the release does not report an outcome for Zhorzhes.", "date_published": "2024-10-09T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making" ] }, { "id": "https://marketmanipulation.org/cases/sec-gotbit-consulting-llc-a-k-a-gotbit-hedge-fund-wash-trading-2024/", "url": "https://marketmanipulation.org/cases/sec-gotbit-consulting-llc-a-k-a-gotbit-hedge-fund-wash-trading-2024/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26156", "title": "SEC v. Gotbit Consulting LLC a/k/a Gotbit Hedge Fund and Fedor Kedrov (paid crypto market making, 2024)", "summary": "In 2024, the Securities and Exchange Commission brought an action against Gotbit Consulting LLC a/k/a Gotbit Hedge Fund and Fedor Kedrov, alleging conduct this library classifies as paid crypto market making and wash trading. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release.", "date_published": "2024-10-09T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/sec-russell-armand-maxwell-hernandez-manpreet-singh-kohli-paid-crypto-market-mak/", "url": "https://marketmanipulation.org/cases/sec-russell-armand-maxwell-hernandez-manpreet-singh-kohli-paid-crypto-market-mak/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26155", "title": "SEC v. Russell Armand, Maxwell Hernandez, Manpreet Singh Kohli, and Nam Tran (paid crypto market making, 2024)", "summary": "In October 2024 the SEC charged Russell Armand, Maxwell Hernandez, Manpreet Singh Kohli and Nam Tran in the District of Massachusetts over alleged paid crypto market making. On April 15, 2025 the court entered consent judgments against Armand and Hernandez that include injunctions and an officer-and-director bar, with disgorgement, interest and any penalty left to a later motion; the docket shows Kohli's case stayed and then amended in September 2026.", "date_published": "2024-10-09T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making" ] }, { "id": "https://marketmanipulation.org/cases/sec-vy-pham-paid-crypto-market-making-2024/", "url": "https://marketmanipulation.org/cases/sec-vy-pham-paid-crypto-market-making-2024/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26153", "title": "SEC v. Vy Pham (paid crypto market making, 2024)", "summary": "In 2024, the Securities and Exchange Commission settled an action with Vy Pham, alleging conduct this library classifies as paid crypto market making. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release.", "date_published": "2024-10-09T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making" ] }, { "id": "https://marketmanipulation.org/cases/sec-zm-quant-investment-ltd-baijun-ou-a-k-a-eric-ou-wash-trading-2024/", "url": "https://marketmanipulation.org/cases/sec-zm-quant-investment-ltd-baijun-ou-a-k-a-eric-ou-wash-trading-2024/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26158", "title": "SEC v. ZM Quant Investment Ltd., Baijun Ou a/k/a Eric Ou, and Ruiqi Lau a/k/a Ricky Liu (paid crypto market making, 2024)", "summary": "In 2024, the Securities and Exchange Commission brought an action against ZM Quant Investment Ltd., Baijun Ou a/k/a Eric Ou, and Ruiqi Lau a/k/a Ricky Liu, alleging conduct this library classifies as paid crypto market making and wash trading. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release.", "date_published": "2024-10-09T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/sec-the-hydrogen-technology-corporation-michael-ross-kane-paid-crypto-market-mak/", "url": "https://marketmanipulation.org/cases/sec-the-hydrogen-technology-corporation-michael-ross-kane-paid-crypto-market-mak/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25737", "title": "SEC v. The Hydrogen Technology Corporation, Michael Ross Kane, and Tyler Ostern (paid crypto market making, 2022)", "summary": "In 2022, the Securities and Exchange Commission obtained a judgment against The Hydrogen Technology Corporation, Michael Ross Kane and Tyler Ostern, alleging conduct this library classifies as paid crypto market making. The release records a civil penalty of $1.2 million, disgorgement of $1.6 million, prejudgment interest of $257,037.", "date_published": "2022-09-28T00:00:00.000Z", "tags": [ "SEC", "paid-crypto-market-making" ] } ] }