MyTrade Founder Fined $10K Over 60 Crypto Wash Trades
MyTrade Founder Fined $10K Over Bots That Wash Traded 60 Cryptocurrencies
A founder of crypto platform MyTrade has been fined $10,000 after authorities said automated trading bots were used to conduct wash trading across 60 different cryptocurrencies.
Wash trading refers to the practice of repeatedly buying and selling the same asset to create the appearance of higher trading volume or market activity than actually exists. In crypto markets, the tactic is often associated with efforts to make a token or venue look more liquid and actively traded, which can influence how outsiders perceive demand.
According to the information provided, the case centered on the use of bots—automated software designed to place trades at high frequency—to generate wash trades involving dozens of cryptoassets. The fine was issued to MyTrade’s founder, indicating regulators viewed the conduct as a compliance or market integrity violation rather than a technical mishap.
The matter highlights a longstanding challenge in digital asset markets: reported volumes do not always reflect organic trading. Because many cryptocurrencies trade across fragmented venues with varying surveillance standards, wash trading has remained a recurring enforcement target as regulators and platforms try to improve market quality.
For market participants, the broader takeaway is that enforcement attention is increasingly focused not just on outright fraud, but on trading practices that can distort perceived liquidity and activity. Even when the trading is automated, regulators may hold individuals and businesses responsible for how those systems are deployed.
