Government
Nov. 22, 2023
SEC accuses Kraken of operating unregistered securities exchange
The flurry of activity by federal prosecutors and regulators is designed to send a message to entities handling virtual currency, government officials said.
Changpeng Zhao, founder and chief executive of the Binance cryptocurrency exchange, in Singapore in 2021. (The New York Times)
The U.S. Securities and Exchange Commission accused a San Francisco company of operating Kraken’s cryptocurrency trading platform as an unregistered securities exchange while commingling customers’ money with its own.
But Kraken, on its blog, argues that the complaint “alleges no fraud, no market manipulation, no customer losses due to hacking or compromised security, and no breaches of fiduciary duty.”
That fede...
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