CLS Global Clarifies Position Amid SEC, FBI, DOJ Takedown of Fraudulent Crypto Firms
In
response
to
recent
actions
by
a
U.S.
prosecutor
and
the
U.S.
Securities
and
Exchange
Commission
(SEC)
against
several
cryptocurrency
firms,
including CLS
Global,
the
company
has
issued
a
statement
addressing
the
situation.
CLS
Global
has
contacted
U.S.
authorities
in
order
to
establish
a
constructive
and
cooperative
dialogue
with
the
hope
of
resolving
the
cases,
addressing
any
misunderstandings,
and
taking
any
appropriate
remedial
steps
to
mitigate
risks
in
the
future.
Strict
Policy
Against
U.S.
Market
Engagement
According
to
the
company, CLS
Global has
maintained
a
policy
of
seeking
not
to
operate
within
the
United
States
market
or
conducting
business
with
U.S.
citizens,
entities,
or
users.
This
policy
has
been
in
place
since
the
company’s
establishment
Filipp
Veselov,
CEO
of
CLS
Global,
was
quoted
as
saying, “Our
company
has
always
aimed
to
maintain
a
policy
that
prohibits
engagement
with
U.S.
clients,
entities,
or
users.
We
take
our
compliance
obligations
very
seriously
and
have
worked
to
ensure
our
operations
remain
separate
from
U.S.
markets
and
regulatory
jurisdictions.”
Veselov
added, “However,
we
recognize
that
there
may
be
areas
where
we
can
improve
our
processes,
and
we
are
open
to
constructive
dialogue
with
regulatory
authorities.”
Steps
Towards
Resolution
and
Compliance
Enhancement
In
response
to
the
current
situation,
CLS
Global
has
outlined
several
steps
it
is
taking:
-
Reaching
Out
to
US
Authorities:
The
company
reports
that
it
has
initiated
communication
with
the
US
authorities
to
address
any
concerns
or
misunderstandings.
CLS
Global
believes
that
through
open
and
transparent
dialogue,
progress
can
be
made
towards
a
resolution. -
Reviewing
Client
Agreements:
CLS
Global
states
that
it
is
in
the
process
of
reviewing
and
enhancing
its
client
agreements
to
ensure
they
clearly
communicate
the
company’s
policies
regarding
U.S.
persons
and
entities. -
Assessing
Exchange
Partnerships:
The
company
is
reportedly
evaluating
its
operations
on
various
cryptocurrency
exchanges,
with
a
focus
on
those
with
robust
Know
Your
Customer
(KYC)
protocols,
to
further
mitigate
potential
risks.
CLS
Global’s
Forward-Looking
Statements
CLS
Global has
affirmed
its
commitment
to
operating
within
the
bounds
of
applicable
laws
in
the
jurisdictions
where
it
conducts
business.
The
company
has
assured
stakeholders
that
it
will
strive
to
honor
its
obligations
to
clients
and
partners
while
working
through
this
process.
“We
are
taking
this
situation
very
seriously
and
are
committed
to
engaging
in
constructive
discussions
with
regulatory
authorities
to
address
any
concerns,”
Veselov
stated. “Our
goal
is
to
ensure
full
compliance
and
transparency
in
our
operations,
and
we
are
open
to
considering
any
necessary
adjustments
to
our
practices.”
The
company
has
also
expressed
appreciation
for
the
patience
and
understanding
of
its
clients,
partners,
and
stakeholders
as
it
works
to
address
this
situation.
CLS
Global
has
indicated
that
it
will
provide
updates
as
appropriate
and
remains
committed
to
maintaining
open
lines
of
communication
throughout
this
process.
About
CLS
Global
CLS
Global is
a
leading
cryptocurrency
market-making
firm,
specializing
in
providing
bespoke
liquidity
solutions
for
crypto
projects
worldwide.
Renowned
for
its
innovative
approach,
robust
compliance
framework,
and
client-centric
operations,
CLS
Global
operates
at
the
forefront
of
the
digital
asset
industry.
Disclaimer: The
information
provided
in
this
press
release
is
not
a
solicitation
for
investment,
nor
is
it
intended
as
investment
advice,
financial
advice,
or
trading
advice.
It
is
strongly
recommended
you
practice
due
diligence,
including
consultation
with
a
professional
financial
advisor,
before
investing
in
or
trading
cryptocurrency
and
securities.
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