In the US Securities and Exchange Commission’s (SEC) ongoing regulatory crackdown, regulators have turned their attention to US-based crypto exchange Kraken.

According to recent reports, the SEC has filed a lawsuit against the exchange, accusing it of operating an unregistered trading platform for cryptocurrency assets.

The complaint alleges that Kraken has generated substantial fees and trading revenue without adhering to securities laws designed to protect investors. 

SEC Targets Kraken In Ongoing Crypto Crackdown

In the complaint against Payward Inc. and Payward Ventures Inc., the entities behind Kraken, the SEC claims that Kraken has violated securities laws by failing to register as an exchange, clearing agency, and broker-dealer. 

The SEC also alleges the commingling of funds and highlights internal practices that raise concerns. It is worth noting that Kraken has been entangled in a legal case with the SEC since February 2023, when it agreed to discontinue an unregistered offering and sale of a crypto asset staking-as-a-service program, settling the charges by paying $30 million.

According to pro-crypto lawyer Collins Belton, the recent SEC case against the exchange appears to echo similar allegations made against Coinbase. The SEC claims that certain assets traded on Kraken are securities, thereby asserting that Kraken operates an unregistered exchange. 

Belton humorously remarks on the
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Author: Ronaldo Marquez

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