Lawsuit filed against cryptocurrency exchange Kraken for operating unregistered
The U.S. Securities and Exchange Commission (SEC) has sued cryptocurrency exchange Kraken for operating as an unregistered securities exchange, broker, dealer, and clearing agency. In a statement, the SEC announced that Kraken is accused of operating without proper registration.
It was stated that the SEC filed the lawsuit against Kraken in the federal district court in San Francisco on the grounds that it violated the registration provisions of the Securities Exchange Act.
The statement noted that Kraken has earned hundreds of millions of dollars since September 2018 by illegally facilitating the buying and selling of crypto assets, and that by failing to register, the cryptocurrency exchange has deprived investors of significant protections, such as those provided by SEC oversight.
It was stated that Kraken's practices, lack of internal controls, and poor record-keeping practices pose a range of risks to customers. The SEC had also filed similar lawsuits against major cryptocurrency exchanges Binance and Coinbase in June.
News Source: 12punto
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