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 to establish a constructive and cooperative dialogue to resolve the cases, address any misunderstandings, and take 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 conduct 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, said, “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
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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 progress can be made towards a resolution through open and transparent dialogue.
- Reviewing Client Agreements: CLS Global states that it is 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, focusing on those with robust Know Your Customer (KYC) protocols to mitigate potential risks further.
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 during 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 addresses 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
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CLS Global is a leading cryptocurrency market-making firm that provides 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.
