SEC sues Kraken alleging it is an unregistered exchange and commingles user funds
THE SECOND alleged Kraken exploited as A not registered exchange, broker, Merchant And clearing agency, add that he blend customer assets with It is clean.
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THE United States Securities And Exchange Commission has for follow-up Kraken, alleging he blend customer funds And failed has register with THE regulator as A securities exchange, broker, Merchant And clearing agency.
In A Nov. 20 complaint deposit In San Francis federal court, THE SECOND claims that since 2018, Kraken had exploited as A platform that illegally ease THE purchase And sale of cryptocurrencies.
A Kraken spokesperson said Cointelegraph he does not agree with THE DRY complaint And plans has defend himself In court.
THE trial Brands THE last push Since THE Gary Directed by Gensler agency has bring crypto below It is skill, affirming that crypto assets are securities contracts below WE. law.
"Without registration with THE SECOND In any of them ability, Kraken has simultaneously acted as A broker, Merchant, exchange, And clearing agency with respect has these crypto active titles."
In addition, THE SECOND alleged Kraken business practices And “deficient” internal controls saw THE exchange mix up has $33 billion value of customer assets with It is own. THE SECOND said This successful In A "significant risk of loss" For It is customers.
THE complaint claims Kraken paid For operational expenses directly Since accounts containing customer assets, quoting THE Exchanges independent Listener.
"We allege that Kraken do A business decision has collect hundreds of millions of dollars Since investors instead that future In compliance with THE securities laws," SECOND enforcement division director Gurbir Grewal said In A
THE SECOND alleged Kraken exploited as A not registered exchange, broker, Merchant And clearing agency, add that he blend customer assets with It is clean.
Breakup
news
Join
We
on
social
networks
THE United States Securities And Exchange Commission has for follow-up Kraken, alleging he blend customer funds And failed has register with THE regulator as A securities exchange, broker, Merchant And clearing agency.
In A Nov. 20 complaint deposit In San Francis federal court, THE SECOND claims that since 2018, Kraken had exploited as A platform that illegally ease THE purchase And sale of cryptocurrencies.
A Kraken spokesperson said Cointelegraph he does not agree with THE DRY complaint And plans has defend himself In court.
THE trial Brands THE last push Since THE Gary Directed by Gensler agency has bring crypto below It is skill, affirming that crypto assets are securities contracts below WE. law.
"Without registration with THE SECOND In any of them ability, Kraken has simultaneously acted as A broker, Merchant, exchange, And clearing agency with respect has these crypto active titles."
In addition, THE SECOND alleged Kraken business practices And “deficient” internal controls saw THE exchange mix up has $33 billion value of customer assets with It is own. THE SECOND said This successful In A "significant risk of loss" For It is customers.
THE complaint claims Kraken paid For operational expenses directly Since accounts containing customer assets, quoting THE Exchanges independent Listener.
"We allege that Kraken do A business decision has collect hundreds of millions of dollars Since investors instead that future In compliance with THE securities laws," SECOND enforcement division director Gurbir Grewal said In A
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