How do TDMM and CLS Global compare at a glance?
| TDMM | CLS Global | |
|---|---|---|
| Active since | 2015 | 2017 |
| Legal entity and base | TDMM Ltd, part of TradeDog Group | CLS Global FZC LLC, United Arab Emirates |
| Core offer | Market making, liquidity provisioning, listing support, treasury and exit management | Market making, listing support, pre-TGE development, treasury building, consulting, ventures |
| Exchange coverage | 100+ CEX and DEX integrations | 80+ CEX integrations; DEXs including Uniswap and PancakeSwap shown |
| Self-reported scale | $10B+ traded; 100+ CEX and DEX integrations; 200+ markets | 500+ active clients; 98% uptime; no trading volume published |
| Commercial model | Retainer; token loan structures by agreement | Describes itself as a market making retainer; a 30-day free trial is advertised; no prices published |
| Jurisdictions excluded | Not published | US, UK, UAE, Japan, Canada, South Korea, and EU clients unless reverse solicitation applies |
| Public enforcement record | None known to TDMM | Pleaded guilty in the US in January 2025; sentenced April 2025 |
Who is CLS Global?
CLS Global describes itself as a crypto market maker active since 2017. Its website lists market making on centralised and decentralised exchanges, exchange listing support, pre-TGE development, treasury building, consulting and a ventures arm, with sector pages for meme, DePIN, AI, real-world asset and GameFi tokens. The site reports 80+ exchange integrations, 500+ active clients and 98% uptime. It does not publish trading volume, pricing or a legal entity name; US court records name the company as CLS Global FZC LLC of the United Arab Emirates.
The website states that CLS Global does not provide services to residents of the United States, United Kingdom, United Arab Emirates, Japan, Canada and South Korea, or to EU clients unless reverse solicitation applies. A token team in any of those places should check eligibility first.
How do the two firms' reported exchange integrations compare?
Self-reported exchange integrations
Where is CLS Global strong?
Small and mid-tier exchange reach
80+ centralised exchange integrations by its own count, with logos from Binance and OKX through to smaller venues such as ProBit and LCX.
Bundled launch services
Pre-TGE development, launchpad introductions and listing support sit beside market making, which suits early-stage teams outside the excluded jurisdictions.
Low barrier to start
A 30-day free trial is advertised through a Telegram bot. The terms are not published, so ask for them in writing.
Active publishing
A blog of roughly 120 posts and a glossary, with the latest post dated July 2026.
Where does TDMM differ from CLS Global?
Longer record, published volume
TDMM has been active since 2015 and reports more than $10 billion traded. CLS Global publishes client counts but no volume figure.
DEX and CEX on one book
TDMM runs order books and pools from one reference price across 100+ integrations and seven chains.
No price or volume promises
TDMM writes mandates in maximum spread, minimum depth and uptime per venue, and does not sell volume. CLS Global's FAQ lists volume and price stability among its KPIs.
Treasury and exit management
TDMM adds inventory, yield and exit management for projects and investors on the same desk.
What is CLS Global's public record in the United States?
These are facts from US Department of Justice and SEC releases. They concern conduct in 2024 and the company has said it takes the matter seriously.
- 9 Oct 2024
Charged
The Department of Justice announced charges against 18 individuals and entities, including CLS Global FZC LLC and one employee, over wash trading of NexFundAI, a token created at the FBI's direction. The SEC filed a civil case the same day.
- 29 Oct 2024
Company statement
In a published statement, CEO Filipp Veselov said the company had always aimed to prohibit engagement with US clients and was committed to constructive discussions with the authorities.
- 21 Jan 2025
Plea agreement
CLS Global agreed to plead guilty to one count of conspiracy to commit market manipulation and wire fraud and one count of wire fraud.
- 2 Apr 2025
Sentence
Three years of probation, $428,059 in fine and forfeiture, and a prohibition on participating in US crypto markets.
- 7 Apr 2025
SEC final judgment
By consent: permanent injunctions, a $425,000 civil penalty and an undertaking to cease business with US persons.
TDMM or CLS Global: which fits which project?
| Your situation | Likely better fit | Why |
|---|---|---|
| Based in or serving the US, UK, EU, Japan, Canada or South Korea | TDMM | CLS Global states that it does not serve these jurisdictions |
| Need DEX pools and CEX books run together | TDMM | One book across order books and pools |
| Early-stage, outside those jurisdictions, wanting launchpad introductions | Either; compare terms | CLS Global bundles pre-TGE and launchpad services |
| Exchange or investor will review the market maker's record | TDMM | CLS Global's 2025 US conviction is a matter of public record |
| Want to test a provider before paying | CLS Global offers a trial | Get the trial terms and KPIs in writing first |
What should you ask both firms before signing?
Can you serve a project in my jurisdiction?
Ask for the answer in writing, with the list of exchanges the firm will and will not trade on.
What do you commit to per venue?
Maximum spread, minimum depth at 0.5%, 1% and 2%, and uptime, with no volume targets.
How do you prevent self-trading?
Ask for the written policy and how reports can be checked against public order book data.
Who holds the accounts and keys?
Accounts in the project's name, trade-only API keys and no withdrawal rights.
Which other TDMM comparisons can you read?
TDMM publishes 16 one-to-one comparisons. Each uses the same structure so they can be read side by side.
Frequently asked questions
Is CLS Global a legitimate market maker?
CLS Global is an operating market maker registered in the United Arab Emirates and active since 2017. In January 2025 it agreed to plead guilty in a US federal case concerning wash trading of a token created at the FBI's direction, and in April 2025 it was sentenced to three years of probation and ordered to pay $428,059. It is barred from US crypto markets.
What was CLS Global charged with?
The US Department of Justice charged CLS Global FZC LLC in October 2024 with conspiracy to commit market manipulation and wire fraud, and with wire fraud, as part of an operation that charged 18 individuals and entities. The company pleaded guilty to both counts in 2025. The SEC obtained a separate civil judgment with a $425,000 penalty.
Can CLS Global work with US token projects?
No. Under its plea agreement and SEC judgment, CLS Global may not serve US-based clients or transact on platforms available to US investors, and must certify compliance each year. Its own website also excludes the UK, UAE, Japan, Canada, South Korea and most EU clients.
How does TDMM differ from CLS Global?
TDMM has been active since 2015, reports more than $10 billion traded and 100+ CEX and DEX integrations, and adds treasury and exit management. It writes mandates in spread, depth and uptime per venue and does not promise price or volume.
Does CLS Global publish its pricing?
No. Its website describes a retainer model and advertises a 30-day free trial, but publishes no prices or trial terms.
Which is better for a new token launch, TDMM or CLS Global?
It depends on jurisdiction and needs. Projects in the US, UK, EU, Japan, Canada or South Korea cannot use CLS Global by its own terms. For others, compare written per-venue commitments, deal cost in dollars and reporting from both firms.
Related TDMM offerings and guides
Offerings
Details about CLS Global come from its website and public records read on 9 October 2026 and may have changed. CLS Global is not affiliated with TDMM and its name is used for identification only. TDMM publishes this page and has an interest in the comparison. This is not investment, legal or tax advice.