The United States Securities and Exchange Commission (SEC) has charged the cryptocurrency exchange Kraken with operating an unregistered securities exchange, broker, and dealer.
Kraken, a San Francisco-based cryptocurrency exchange, was charged by the SEC for operating an unregistered securities exchange, broker, and dealer. The SEC alleges that Kraken violated the Securities Exchange Act of 1934 by operating an unregistered securities exchange, broker, and dealer.
The SEC’s complaint alleges that Kraken operated an unregistered securities exchange, broker, and dealer from at least 2013 to 2020. According to the complaint, Kraken offered trading in digital assets that were securities, including digital assets that were registered with the SEC. The complaint further alleges that Kraken failed to register as a national securities exchange, broker, or dealer, as required by the Securities Exchange Act of 1934.
Kraken has denied the allegations and stated that it is “disappointed” with the SEC’s decision. Kraken has also stated that it is “committed to working with the SEC to resolve this matter.”
The SEC’s action against Kraken is part of a larger effort by the agency to crack down on unregistered securities exchanges, brokers, and dealers. The SEC has previously taken action against other cryptocurrency exchanges, including Coinbase and BitMEX, for similar violations.
The SEC’s action against Kraken is a reminder that cryptocurrency exchanges must comply with applicable securities laws. Cryptocurrency exchanges must register with the SEC if they are offering trading in digital assets that are securities. Failure to do so could result in significant penalties.
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