SEC Sues Kraken, Alleges Crypto Platform Operated Unregistered Exchange

Published on November 21, 2023

The U.S. Securities and Exchange Commission (SEC) filed charges against Kraken, one of the world’s largest cryptocurrency exchanges, on Nov. 20, accusing it of failing to register with the SEC as an exchange, clearing agency, or broker. The lawsuit was filed against Payward Inc. and Payward Ventures Inc., together conducting business as Kraken, in the U.S. District Court, Northern District of California. It alleges the San Francisco-based company—which was founded in 2011 and has more than 10 million clients—operated its crypto trading platform as an “unregistered securities exchange, broker, dealer, and clearing agency.” Specifically, the company violated the registration provisions of the Securities Exchange Act of 1934, the agency said....

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