Despite criticism coming from the cryptocurrency community, the United States Securities and Exchange Commission (SEC) has continued to file lawsuits against cryptocurrency companies, the latest being Kraken, one of the largest crypto exchanges in the world.
Specifically, the SEC has raised claims against the San Francisco-based crypto trading firm, stating it has broken federal laws by operating “as a broker, dealer, exchange, and clearing agency” without registering with the regulator, according to the lawsuit filed on November 20.
What SEC alleges
As it happens, the SEC’s lawsuit states that:
“Since 2013, Kraken has operated an online trading platform through which its customers can buy and sell crypto assets, many of which form the basis of investment contracts covered under U.S. securities laws.”
This way, the SEC claims that “Kraken has created risk for investors and taken in billions of dollars in fees and trading revenue from investors without adhering to or even re
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