Singapore-based cryptocurrency exchange Crypto.com is reported to have proprietary trading and market-making teams who trade tokens for profit, according to five unnamed people with direct knowledge of the firm’s trading desk cited by the Financial Times.

Members of the United Kingdom’s House of Lords are progressing with a bill designed to bolster the country's financial services industry that could support crypto adoption in the country.

Ethereum blockchain explorer Etherscan has launched an innovative artificial intelligence-based tool to help users interpret the source code of smart contracts. The tools, based on OpenAI technology, allow users to ask for an explanation of the source code of smart contracts.

Top stories in the Crypto Roundup today:

• Crypto.com Accused of Trading Tokens for Profit
• UK Moves forward With Crypto-Friendly Financial Bill
• Etherscan Launches AI Tool to Explain Smart Contract Code
• Binance.US Suffers Huge Market Depth Drop After SEC Lawsuit

Crypto.com Accused of Trading Tokens for Profit

Singapore-based cryptocurrency exchange Crypto.com is reported to have proprietary trading and market-making teams who trade tokens for profit, according to five unnamed people with direct knowledge of the firm’s trading desk cited by the Financial Times.

Crypto.com has said it doesn’t rely on proprietary trading as a source of revenue and pushed back against it being a controversial practice to have an internal market maker. A spokesperson for the firm said it has market-making activity, including “ internal market makers for our CFTC-regulated product Up/Downs in the United States.”

The FT’s report notably adds fuel to the ongoing discourse about potential conflicts of interest within the cryptocurrency space, a pressing issue that has already put other major exchanges, like Binance and Coinbase, under the regulatory microscope.

The U.S. Securities and Exchange Commission (SEC) sued both Binance and Coinbase earlier this month over alleged securities law violations. Crypot.com decided to wind down its institutional service for American clients earlier this month, citing limited demand.

UK Moves forward With Crypto-Friendly Financial Bill

Members of the United Kingdom’s House of Lords are progressing with a bill designed to bolster the country's financial services industry that could support crypto adoption in the country.

During a session on June 19, a number of House of Lords members championed the Financial Services and Markets Bill. The legislation, currently undergoing its third reading, a penultimate stage before final amendments and enactments, looks to fortify the United Kingdom’s role on the global financial stage following Brexit.

Lawmakers indicated that the recent proceedings were part of an initiative to refine the bill and maximize its efficacy. Following this, the bill will be returned to the House of Commons, the lower house of Parliament, for further review and consideration of any amendments proposed by the Lords.

The bill is moving forward at a time in which US authorities have intensified their scrutiny of cryptocurrency exchanges, including Coinbase and Binance, resulting in both becoming embroiled in a legal battle with the Securities and Exchange Commission (SEC).

Etherscan Launches AI Tool to Explain Smart Contract Code

Ethereum blockchain explorer Etherscan has launched an innovative artificial intelligence-based tool to help users interpret the source code of smart contracts. The tools, based on OpenAI technology, allow users to ask for an explanation of the source code of smart contracts.

The tool also lets users retrieve the "read" and "write" functions of a smart contract, empowering users to make informed decisions when interacting with smart contracts and potentially sparking novel applications in the decentralized finance realm.

The introduction of this AI tool comes amid a surge of interest in artificial intelligence within the blockchain and cryptocurrency sectors. This wave of enthusiasm was largely prompted by the success of OpenAI's ChatGPT, a technology that Bybit, a cryptocurrency exchange, incorporated into its trading platform last week.

Etherscan cautions that the tool, known as Code Reader, is designed primarily for informational use. Users are urged to corroborate the tool's answers rather than solely relying on them for tasks such as identifying evidence or submitting bug bounties.

To access Code Reader, users need to connect to OpenAI's API, subject to adequate usage limits. The tool doesn’t allow for conversation threads as it is.

Binance.US Suffers Huge Market Depth Drop After SEC Lawsuit

In the aftermath of the SEC’s lawsuit against Binance and Coinbase, a dramatic 78% decrease in 1% market depth for Bitcoin pairs was seen on Binance.US. Echoing this trend, US-based exchanges such as Gemini and Kraken also witnessed a drop in market depth, down by 16% and 10% respectively.

In stark contrast, Coinbase demonstrated resilience with a 27% surge in market depth after the lawsuit was filed. Notably, both Binance and OKX exhibited an increase in their depth for Bitcoin pairs from June 5th onwards, with a rise of 2% and 12% respectively.

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