MyTrade founder fined $10K over wash trading

• MyTrade founder Michael Chua was fined S$10,000 for wash trading.
• Singapore authorities said he created false trading activity in crypto markets.
• The case highlights tighter enforcement against market manipulation in digital assets.

MyTrade founder Michael Chua was fined S$10,000 after a Singapore court found he engaged in crypto wash trading.

Prosecutors said Chua placed matching buy and sell orders that created false trading activity.

Authorities said the trades gave a misleading impression of market demand and trading volume.

The case adds to Singapore’s enforcement efforts against market manipulation in digital asset markets, and MyTrade is not a publicly listed company.

Wash trading involves buying and selling the same asset to create fake market activity without changing real ownership.

Regulators in several countries have increased scrutiny of crypto exchanges and trading platforms over manipulation and transparency concerns.