{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-19",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-19.json",
  "legislation": "ukdsi/2025/9780348277586",
  "legislation_title": "The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025",
  "path": "regulation/19",
  "kind": "regulation",
  "number": "19",
  "heading": "Market manipulation",
  "text": "(1) For the purposes of this Chapter, “market manipulation” means any of the following activities—\n(a) entering into a transaction, placing an order to trade or engaging in any other behaviour which—\n(i) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a relevant qualifying cryptoasset or related instrument, or\n(ii) secures, or is likely to secure, the price of a relevant qualifying cryptoasset or related instrument at an abnormal or artificial level;\n(b) entering into a transaction, placing an order to trade or any other activity or behaviour which affects or is likely to affect the price of a relevant qualifying cryptoasset or related instrument, while employing a fictitious device or any other form of deception or contrivance;\n(c) disseminating information, including the dissemination of rumours, through the media, including the internet, or by any other means which—\n(i) gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of a relevant qualifying cryptoasset or related instrument, or\n(ii) secures, or is likely to secure, the price of a relevant qualifying cryptoasset or related instrument at an abnormal or artificial level,\nwhere the person who engaged in the dissemination knew, or ought to have known, that the information was false or misleading;\n(d) transmitting false or misleading information or providing false or misleading input in relation to a benchmark where the person who made the transmission or provided the input knew or ought to have known that it was false or misleading, or any other behaviour which manipulates the calculation of a benchmark.\n(2) The following are examples of behaviour that is to be considered market manipulation—\n(a) securing a dominant position over the supply of, or demand for, a relevant qualifying cryptoasset or related instrument, which has, or is likely to have, the effect of fixing, directly or indirectly, purchase or sale prices or creates, or is likely to create, other unfair trading conditions;\n(b) the placing, cancellation, modification or revocation of orders for a relevant qualifying cryptoasset on a qualifying cryptoasset trading platform by any available means of trading, including electronic means such as algorithmic and high-frequency trading strategies, in such a way as to produce an effect referred to in paragraph (1)(a)(i) or (ii) by—\n(i) disrupting or delaying the functioning of the qualifying cryptoasset trading platform, or engaging in any activities likely to have that effect;\n(ii) making it more difficult for other persons to identify genuine orders on the qualifying cryptoasset trading platform, or engaging in any activities likely to have that effect, including by entering orders which result in the destabilisation of the normal functioning of the trading platform;\n(iii) creating a false or misleading signal about the supply of, or demand for, or price of, a relevant qualifying cryptoasset, in particular by entering orders to initiate or exacerbate a trend, or engaging in any activities likely to have that effect;\n(c) taking advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about a relevant qualifying cryptoasset or related instrument, while having previously taken positions on that relevant qualifying cryptoasset or related instrument, and profiting subsequently from the impact of the opinions voiced on the price of that relevant qualifying cryptoasset or related instrument, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.\n(3) For the purposes of this Chapter, it is immaterial where the activities specified by this regulation are carried out.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/19",
    "retrieved_at": "2026-10-30T14:38:18.364924+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}