Crypto Exchange Platform Announces Plans to Randomly Pump Coins
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An average-sized crypto exchange YoBit has been working on an initiative, trust me it is nothing like we have witnessed in the crypto exchange game. The Russian based crypto exchange revealed in a recent tweet that it would inject 10 BTC (~$66,000) into ten random markets on Thursday. The crypto exchange operator posted; There are speculations that for a global crypto ecosystem which stands at $12 billion in daily volume, this pumping of tokens might not be really significant but it could definitely lead to an increase in thinly-traded microcap altcoin markets.

Some users on several social media platforms have tagged various regulatory bodies and have made inquiry into the legality of this decision as every finger is pointing at its illegality. There was an earlier report stating that the U.S. Commodity Futures Trading Commission sometimes this year, issuing a customer advisory on crypto pump-and-dump schemes, describing them as illegal. In the face value of this scheme, it would pass for a pump-and-dump scheme, but it would still be subjected to the regulatory competence of financial regulators to decide whether or not it is market manipulation.

As at last week, CFTC Chairman J. Christopher Giancarlo said that the agency was “very focused on the fraud and manipulation aspects of cryptocurrency markets.” According to CoinMarketCap, YoBit is ranked at 51st-largest cryptocurrency exchange in the world, the yardstick used here is by the adjusted daily trading volume. The crypto exchange has processed $19 million worth of trade over 482 markets in the space of 24 hours and has realized way more than $918 million in volume over the past month. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full



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