{"id":25345,"date":"2023-11-20T22:58:19","date_gmt":"2023-11-20T22:58:19","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/sec-sues-kraken-alleging-it-violated-securities-laws\/"},"modified":"2023-11-20T22:58:20","modified_gmt":"2023-11-20T22:58:20","slug":"sec-sues-kraken-alleging-it-violated-securities-laws","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/sec-sues-kraken-alleging-it-violated-securities-laws\/","title":{"rendered":"SEC sues Kraken alleging it violated securities laws"},"content":{"rendered":"

<\/p>\n

\n

The United States Securities and Exchange Commission (SEC) has sued Kraken\u00a0alleging it failed to register as an exchange, broker, dealer and clearing agency with the regulator and claimed it commingled customer funds.\u00a0<\/p>\n

In a Nov. 20 complaint, the SEC claimed that\u00a0since 2018, Kraken had operated as a platform that offered the unlawful sale of cryptocurrencies.<\/p>\n

“Without registering with the SEC in any capacity, Kraken has simultaneously acted as a broker, dealer, exchange, and clearing agency with respect to these crypto asset securities.”<\/p><\/blockquote>\n

Additionally, the SEC alleged that Kraken’s business practices and “deficient” internal controls saw the exchange commingle customer assets with its own, which resulted in an allegedly “significant risk of loss” for its customers.\u00a0<\/p>\n

This is a developing story, and further information will be added as it becomes available.\n<\/p>\n