Said to Have a Secret Prop-trading Department

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The Financial Times has reported that has established a prop trading division, whose employees have promised to keep mum about their tasks.

Supposedly, this is being done in order to conceal activities, and not to fuel market liquidity.

The platform dismissed links between internal trading and its clientele transactions, and stated that its intention was to become risk neutral by using different exchange sites, including itself.

It was further pointed out by the publication that such joint-stock models are commonplace in the crypto industry, citing BitMEX and Binance as examples.

Despite the widespread acceptance of the model, regulators have voiced criticism about potential front-running and conflict of interest issues emanating from it, as seen in SEC lawsuits against the two aforementioned sites in June 2022.

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