Akuna Capital a leading name in the cryptocurrency trading has been hit with a hefty fine of thirteen hundred thousand dollars ($1.3m) after the firm was found involved in impacting settlement values.
The reports revealed that the firm had paid the fine imposed by the Cboe Global Markets however remains silent on whether or not the fine was in relation to market manipulation.
Cboe is the consortium of exchange holdings and companies offering top-notch trading solutions across the globe. Sources at the Cboe Global Market have not been able to confirm that the firm was actually involved in market manipulation of any sort. Whereas, the fine was imposed after the firm was found impacting the VIX derivatives.
Cboe in the fine document expressed that the firm submitted about five hundred orders to increase the possibilities of inclusion of some specific bets and that would impact the final VIX value in settlements.
The firm is known for its buy and sell model in the industry whereas, it also deals in different technologies and self driven models. The company is well known in the crypto sphere as well as the trading world. This fine has come as a serious blow to the companies reputation in both the crypto and trading spheres.