Jurisdiction(s):
United Kingdom

Cryptoassets and Market Abuse: Manipulation Methods and Legal Frameworks in the UK, EU (MiCA) and US

Published on: 14 February 2023

Published by a LexisNexis Financial Services expert

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Article summary

Market Manipulation

Cryptocurrencies have triggered extensive discussion in recent times indeed. Debate has largely centred on their valuation or how these assets should be regulated today. However, scrutiny of market manipulation is essential, especially the behaviour of digital asset trading platforms themselves. FTX’s late-2022 implosion thrust crypto and market abuse squarely into view for the wider public today. At one stage in its three-year life, it stood as the world’s third-largest exchange by trading volume at peak. Today, FTX’s founder and chief executive Sam Bankman-Fried faces charges for conspiracies to commit commodities fraud and securities fraud, plus conspiring to defraud the United States and to violate campaign finance laws. These counts arise from claims he cheated investors of US$1.8bn (£1.5bn) in total. Since last November, FTX has been under Chapter 11 proceedings in the US courts. The sheer scale and profile of FTX’s downfall has prompted wider doubts about how crypto exchanges operate and the likelihood of market manipulation—the effort to distort an asset’s price and / or to influence overall market behaviour patterns. Such manipulation is far from exclusive to crypto venues. It remains an unlawful activity that has persisted for centuries historically. Yet Deloitte, in its 2021 report ‘Market...

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