The Chamber of Digital Commerce (CDC) has filed an amicus curiae to defend Kraken in a lawsuit the U.S. Securities and Exchange Commission (SEC) initiated in 2023. Notably, the CDC supported the crypto exchange’s motion to dismiss the lawsuit in its latest filing. Chamber of Digital Commerce Argues for Kraken In a February 27 filing,...Read More
Major cryptocurrency exchange Kraken is seeking to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC), arguing that the Commission was overstepping the boundaries of its regulatory authority. The SEC sued Kraken in November 2023, alleging that the crypto exchange co-mingled customer funds and listed assets deemed as securities on its platform....Read More
Kraken, one of the leading cryptocurrency exchanges, revealed it had received a substantial increase in data requests in 2023. Among the key findings, the company disclosed that 28.2% of these requests originated from U.S. law enforcement agencies, marking a substantial portion of the total inquiries. Kraken Received Nearly 5,000 Inquiries Kraken, serving a vast clientele...Read More
Kraken has reportedly implemented a requirement for its users in the United Kingdom to verify their self-custodial wallets. According to a few recent posts, Kraken has commenced the implementation of this verification process, citing “regulations in the UK.” Verification Measures A snippet of the email shared by Van Straten outlined the necessity of maintaining current...Read More
New research by the cybersecurity reporters at 404 Media has uncovered a new tool named OnlyFakes that reliably generates fake IDs capable of bypassing KYC providers’ checks with relative ease. The fake documents can be generated with or without a background, which would suggest it is a picture that was just taken by a user...Read More
In his latest remarks, Kraken co-founder Jesse Powell spoke about the current state of the cryptocurrency industry amidst a backdrop of significant regulatory actions. Powell’s comments came shortly after a settlement between Binance and the U.S. Department of Justice, resulting in a $4.3 billion fine for Binance. Jesse Powell Critiques Regulatory Landscape In a recent...Read More
Jesse Powell, the co-founder of the cryptocurrency exchange Kraken, has slammed the United States Securities and Exchange Commission (SEC) over the agency’s latest legal move. In a tweet, Powell referred to the SEC as “USA’s top decel,” stating that the regulator has returned with another assault on America. Kraken Co-Founder Slams US SEC Powell’s comments...Read More
The U.S. Securities and Exchange Commission (SEC) filed a 90-page lawsuit against cryptocurrency exchange Kraken on Monday, re-centering the firm among a handful of crypto giants in the agency’s legal crosshairs. The lawsuit accuses Kraken of a slew of securities law violations, and of commingling customer funds with corporate assets in ways that could risk...Read More
United States-based cryptocurrency exchange Kraken is mulling launching its own layer-2 network, CoinDesk reported, citing people familiar with the matter. According to the report, the crypto exchange is considering using the technology of several blockchain firms, including Polygon Labs, Matter Labs, and Nil Foundation, as the base for the new network. Kraken Considers Launching Layer-2...Read More
Crypto exchange Kraken has confirmed that it plans to close all trading, deposits, and withdrawals for Tether USD (USDT), Wrapped Bitcoin (WBTC), and other reserve-backed assets in Canada. The suspension follows a similar stablecoin clampdown at other Canadian exchanges, amid regulatory guidance pertaining to the legal standing of such tokens. No More Value-Pegged Tokens At...Read More
To broaden its European business landscape, Kraken, an already prominent virtual currency exchange network, just declared its intention to acquire Coin Meester B.V. (BCM), a respected crypto broker based in the Netherlands. This strategic acquisition aims to cement Kraken’s foothold in the European region while enhancing compliance with the changing regulatory climate. Kraken Acquiring BCM...Read More
Cryptocurrency trading platform Kraken dethroned its rival Coinbase to become the most liquid United States exchange for altcoins in July. According to a tweet by Dessislava Laneva, a research analyst at crypto data platform Kaiko, by the end of July, Kraken had claimed 47% of the market depth in the US for the top 10...Read More
Craig Wright is not someone to stay out of the spotlight for a long time. In the latest development, the self-proclaimed Bitcoin creator was ordered to pay approximately $516,000 (400,000 British pounds) in security covering legal costs to pursue claims against crypto exchanges Coinbase and Kraken. The lawsuit against Coinbase and Kraken’s parent company Payward...Read More
The Federal Bureau of Investigation (FBI) reportedly searched the residence of Jesse Powell – founder and former CEO of crypto exchange Kraken – earlier this year. The investigation came a few months after a nonprofit organization accused him of hacking and cyberstalking activities. The FBI has targeted other crypto-related individuals in the recent past, with...Read More
The SEC’s subsequent enforcement actions, first against Ripple and XRP, followed by Binance and Coinbase, have contributed to the sufferings of other crypto exchanges from a liquidity standpoint. There has been a major shift in the CEX landscape that has already faced challenges following the FTX implosion. A new report suggested that a slow recovery...Read More
Kraken has been ordered to turn over sensitive user information for clients that had transactions worth in total over $20,000 over the course of a year. The tax agency said it wants to determine whether crypto investors have been cheating on their tax reports. The IRS filed the initial court petition in the Northern District...Read More
With the long-awaited Shapella upgrade just around the corner, crypto exchange Kraken is preparing to withdraw all staked ETH on behalf of its clients as soon as possible after the update rolls out. The event will bring Kraken’s staking as a service product to a complete close, after being forced by regulators into shuttering the...Read More
Starting this weekend, the Kraken logo will be exposed to millions of users thanks to the exchange’s partnership with the famous Formula 1 racing team, Williams Racing. On March 28th, Kraken, one of the largest cryptocurrency exchanges worldwide, announced the signing of a sponsorship agreement with Williams Racing, considered one of the four top Formula...Read More
Kraken has had a tough time with the United States regulatory agencies. Despite the difficult environment, the crypto exchange is planning to roll out its own bank. Marco Santori, Kraken’s chief legal officer, revealed Kraken Bank is very much on track to launch. Kraken Bank According to Kraken Support, the offering will initially be available...Read More
Cryptocurrency exchange Kraken is stepping away from Signature Bank for processing certain transaction types due to decisions made by the New York-based banking firm. From now on, non-corporate clients cannot deposit or withdraw dollars from Kraken through Signature. As reported by Bloomberg Law on Wednesday, deposits to Kraken using Signature will cease on March 15,...Read More
It’s only been a few days since Kraken, one of the largest exchanges in the U.S., shut down its staking services and paid a $30 million settlement over selling – according to the SEC – unlicensed securities. Despite compliance with regulators and a commitment to proof of reserves, both Kraken and Binance have been under...Read More
According to the latest edition of CoinShares’ weekly report, outflows in digital asset investment products reached $32 million last week, a level not seen since late December 2022. The sentiment could be attributed to exchange-traded product (ETP) investors being less optimistic about recent regulatory pressures in the US relative to the wider market. Bitcoin Bears...Read More
Following the Securities and Exchange Commission (SEC)’s crackdown against Kraken’s staking service on Thursday, one of its members is railing against her agency’s decision. Hester Peirce – aka ‘Crypto Mom’ – issued a statement on Wednesday arguing that the SEC’s enforcement action is neither “efficient nor fair,” and that exchanges were never given a realistic...Read More
Kraken’s generated trading volume for the past 24 hours increased by almost 15%. The surge contrasts with the company’s issues prompted by the recent SEC investigation and the consecutive termination of staking services. Data extracted from CoinMarketCap and CoinGecko revealed that Kraken’s 24h trading volume stands at around $757 million, or a 14% increase. Based on numerous factors,...Read More
The stock of leading U.S. cryptocurrency exchange Coinbase (COIN) has suffered its biggest daily loss in seven months after the country’s Securities and Exchange Commission (SEC) forced rival exchange Kraken to shut down its crypto staking services in a $30 million settlement deal. The decline in COIN’s value can be attributed to the fact that...Read More
Bitcoin fell back to $22,000 on Thursday shortly after the Securities and Exchange Commission (SEC) laid charges against Kraken for the unregistered offering of its staking services. Kraken agreed to halt the service and pay $30 million in disgorgement, prejudgment interest, and civil penalties, without admitting to or denying any wrongdoing. According to the SEC’s...Read More
The United States Securities and Exchange Commission (SEC) is probing major American crypto exchange Kraken over its unregistered securities offerings to U.S. investors. The investigation has gotten to an advanced stage, and Kraken will likely settle with the SEC in the coming days, Bloomberg reported Wednesday, citing people familiar with the matter. Kraken Under Scrutiny...Read More
The prolonged bear market reduced the interest in cryptocurrencies and hampered the operations of numerous industry players. Some leading exchanges, including Coinbase, Crypto.com, Bybit, and Kraken, laid off a chunk of their workforce to cope with the challenging times. The trend seems to be similar at the start of the new year despite the recent...Read More
The digital asset markets have been shaky in the past year, but the blockchain sector continues to scale as demand intensifies from both crypto-native as well as traditional institutions eyeing to leverage the space. Decentralized smart contracts platform Injective is the latest to announce a new $150 million ecosystem initiative to spur the adoption of...Read More
The fall of Sam Bankman-Fried’s $32 billion crypto empire highlighted the importance of self-custody for users. In fact, investors have already hopped on the trend of holding their assets themselves rather than entrusting their hard-earned money to a third-party platform. According to the latest data compiled by crypto analytic company, Santiment, Bitcoin’s supply on centralized...Read More
