Uniswap Under Probe from SEC: Unofficial Sources To WSJ

Azeez Mustapha
3 September 2021 | Updated: 3 September 2021

According to a report from the Wall Street Journal, unofficial sources claim that the SEC currently probes prominent DEX Uniswap Labs. While the SEC has not made any comment on the development, a Uniswap Labs spokesperson told WSJ that:

“[Uniswap is] committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.”

The unofficial sources told the WSJ that the SEC enforcement team questioned how Uniswap is marketed and demanded information on crypto lending applications. Some informants close to the matter noted that the SEC wants to ascertain if the DEX or lending applications “resisted oversight.”

Uniswap Currently Controls Significant Trading Volume Share in DEX Industry

Currently, the crypto ecosystem ranks number one as the largest DEX based on trading volume. The DEX space captured $16 billion in volume this week, with Uniswap accounting for $10.3 billion of the total volume. According to Dune Analytics, Uniswap accounts for 65.1% of the total DEX trade volume today.

The alleged SEC probe comes several weeks after the DEX giant received heavy criticism for removing 100 tokens from the main user interface at the end of July.

There are claims, at the time, that the platform deemed the 100 tokens in question unregistered securities by US regulators. The DEX noted back then that: “These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.”

The story surrounding the SEC’s probe of the world’s largest DEX application is a developing one, and a lot of new information could come to light in the future.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.