Financial Times: Crypto.com has its own trading and market-making team, but requires employees to publicly state that there is none

ChainCatcher news, according to the Financial Times, citing five sources, the Singaporean crypto exchange Crypto.com has a proprietary trading and market-making team that trades tokens for profit. Executives at Crypto.com have made sworn statements to other external trading firms, claiming that "Crypto.com never engages in trading," and that its employees are instructed to "say there are no internal market maker-type operations," but the sole purpose of the exchange's proprietary trading team is to "make money rather than facilitate trading."

In response, Crypto.com stated: "We do not ask employees to lie to other market participants. We have an internal market maker operating on the Crypto.com exchange, which is treated the same as third-party market makers, and they also facilitate low spreads and efficient markets on our platform. This is not a controversial practice. Crypto.com acts as a counterparty to customers and operates in a broker model. Therefore, the Crypto.com trading team ensures Crypto.com's risk neutrality by hedging these positions across multiple venues, including the Crypto.com exchange. Participants on the platform, including market makers, are treated equally. The company does not rely on proprietary trading as a source of revenue."

It is reported that in most markets, exchanges pair buyers and sellers at the most competitive transparent prices. Market making and proprietary trading are typically conducted by independent private companies. (Source link)