The United States Securities and Exchange Commission (SEC) announced Monday that it has filed charges against cryptocurrency exchange Kraken, just months after settling previous charges against the firm.

In a press release, the SEC alleged that Kraken’s parent companies were “operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.” The agency filed similar charges against rival exchange Coinbase earlier this year.

Pressingly, the SEC alleges that Kraken commingled customer assets with company funds, including paying its own bills from an account that held customer funds. Per the SEC, such an approach created “what its own auditor had identified as ‘a significant risk of loss’ to its customers.”

In the complaint, the SEC alleged that the following cryptocurrencies are securities: Cardano (ADA), Algorand (ALGO), Cosmos (ATOM), Filecoin (FIL), Flow (FLOW), Internet Computer (ICP), Decentraland (MANA), Polygon (MATIC), Near (NEAR), OMG Network (OMG), and Solana (SOL).

“We allege that Kraken made a business decision to r

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Author: Andrew Hayward

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