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SEC Sues Kraken for Operating an Illegal Crypto Platform, Jeopardizing User Funds

Algoine News
Summary:
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken for allegedly operating an unregistered sales platform for cryptocurrencies since 2018, and for mixing customer assets with its own, thereby jeopardizing customer funds. The situation is still evolving with more information to be released soon.
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, accusing it of failing to register as a broker, dealer, exchange and clearing agency. The SEC declared in a complaint dated Nov. 20, that Kraken has been running an illegal sales platform for cryptocurrencies since 2018, without the required registration. The SEC notes that Kraken played multiple roles; as a broker, dealer, exchange, and clearing agency concerning crypto asset securities, sans any registration. Further allegations point towards Kraken's operational procedures and inadequate internal checks, which allegedly allowed for a mix-up of customer assets with its own, potentially threatening substantial loss to its clients. This news is still unfolding, and additional details will be provided as they are received.

Published At

11/20/2023 10:45:33 PM

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