Cboe Global Markets, the options and equity exchange, has hit crypto and options trading firm Akuna Capital with a $1.3 million fine for certain options trades tied to the VIX, according a report by the Wall Street Journal.
As reported by the Journal, Cboe said in a disciplinary filing that Akuna "submitted S&P 500 options orders to increase the likelihood that certain derivatives bets would be included in the auction that helps determine final VIX settlement values." Cboe claim's Akuna's trades impacted the settlement values of VIX derivatives. Still, Cboe was not able to prove whether Akuna was trying to manipulate the auction, a person familiar with the situation told the Journal. Akuna paid the fine, but did not confirm or deny that it breached Cboe's trading rules.
Akuna Capital was one of the first trading firms to trade Cboe's bitcoin futures product, which went live in December 2017. The firm is also a big investor in the market for cryptocurrencies, having backed companies including BlockFi and RealBlocks.