Does Trading a Token on a DEX That Is Not Regulated Venue Exempt It from MAR Principles?

While a DEX itself is not a "regulated venue" in the traditional sense, the underlying activity of market manipulation is often still illegal under broader anti-fraud and anti-manipulation laws. MAR principles, though technically applicable to regulated venues, reflect universal expectations of fair trading.

Regulators are increasingly seeking to apply these principles to decentralized finance (DeFi) participants, especially in cases of egregious manipulation, even if the enforcement mechanism is challenging.