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Kraken

BREAKING: Kraken Exchange Under Siege, SEC Files Lawsuit

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the US Securities and Exchange Commission’s (SEC) ongoing regulatory crackdown, regulators have turned their attention to US-based crypto exchange Kraken.

According to recent reports, the SEC has filed a lawsuit against the exchange, accusing it of operating an unregistered trading platform for cryptocurrency assets.

The complaint alleges that Kraken has generated substantial fees and trading revenue without adhering to securities laws designed to protect investors. 

SEC Targets Kraken In Ongoing Crypto Crackdown

In the complaint against Payward Inc. and Payward Ventures Inc., the entities behind Kraken, the SEC claims that Kraken has violated securities laws by failing to register as an exchange, clearing agency, and broker-dealer. 

The SEC also alleges the commingling of funds and highlights internal practices that raise concerns. It is worth noting that Kraken has been entangled in a legal case with the SEC since February 2023, when it agreed to discontinue an unregistered offering and sale of a crypto asset staking-as-a-service program, settling the charges by paying $30 million.

Related Reading: Bullish Acquires CoinDesk: Ex-NYSE Chief’s Firm Makes Crypto Media Play

According to pro-crypto lawyer Collins Belton, the recent SEC case against the exchange appears to echo similar allegations made against Coinbase. The SEC claims that certain assets traded on Kraken are securities, thereby asserting that Kraken operates an unregistered exchange. 

Belton humorously remarks on the SEC’s use of the defined term “Kraken-Traded Securities” and playfully suggests coining the term “Beltonian-Backed Assets” for the assets he supports. While Belton finds some aspects of the case worth considering, he does not find them compelling enough to warrant further analysis at present.

Crypto Exchange Battle

The SEC’s lawsuit against the company adds to the growing regulatory pressures faced by major cryptocurrency exchanges. With Coinbase and Binance already subject to SEC scrutiny, the legal battle with Kraken underscores the need for exchanges to navigate complex securities laws and adhere to regulatory requirements. 

The allegations of commingling and internal practices raise additional concerns about the exchange’s operations. As the case progresses, the outcome will have implications for the broader crypto industry and may influence future regulatory approaches.

Related Reading: Key Events That Will Drive The XRP Price To $10

So far, the exchange has not officially responded to the SEC’s lawsuit. It remains to be seen how the case will unfold and what impact it will have on the firm and the industry.

Kraken
The total crypto market cap’s sideways price action above the $1.3 trillion mark. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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