The US Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, a cryptocurrency trading platform, accusing it of operating as an unregistered securities exchange, broker, dealer, and clearing agency. This action follows similar charges against Binance and Coinbase by the SEC. The lawsuit claims that Kraken provides services of an exchange, broker, dealer, and clearing agency without registering these functions with the SEC, depriving investors of necessary protections.
The SEC alleges that Kraken’s failure to register these functions has denied investors essential safeguards, including SEC inspection, recordkeeping requirements, and conflict-of-interest protections. The complaint also accuses Kraken of commingling customer funds with its own, including using customer cash for operational expenses. Additionally, Kraken is said to commingle customer crypto assets with its own, posing a significant risk of loss to customers, as identified by its own auditor.
By FCCT Editorial Team
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