CRYPTO: KRAKEN EXCHANGE UNDER HEAVY INVESTIGATION BY REGULATORS
While the Securities and Exchange Commission(SEC) continues its investigation into the Coinbase case, another cryptocurrency exchange is on the regulator’s radar, and not for a good reason. And Kraken is the exchange that has been found wanting.
Earlier in the week, a report was published stating that details that crypto exchange Kraken is facing a federal investigation for violating sanctions by the United States. This turn out of events, however, didn’t begin recently. Kraken was accused in 2019 of providing access to the digital currency platform to users resident in sanctioned countries. Countries like Iran. The United States Treasury Department’s Office of Foreign Assets Control (OFAC) oversees investigating Kraken.
ABOUT KRAKEN
Kraken which ranks as the fourth largest Cryptocurrency exchange in the world was founded on July 28, 2011. Kraken is well suited for crypto investors seeking to transact and trade using low trading fees. The exchange also gives users access to a vast number of Cryptocurrency coins. As part of its trading options, users can buy, and sell crypto and also use it to HODL crypto. It also provides support for crypto spot trading and futures.
Kraken Is based in the United States. Earlier in the year, Kraken was valued at $10 billion. Kraken provides options for users to choose to trade between crypto and fiat currencies and is also a data provider for price information.
Being the first exchange that supports Bitcoin to have its trading stats; price and volume on Bloomberg Terminal.
OTHER DETAILS ABOUT KRAKEN
The exchange’s volume in the last 24 hours is about $728 million, having about 580 markets, from popular markets and trading pairs like:
• USDT/USD
• ETH/USD
• BTC/USD
And about 7 available fiat currencies.
Reports show that about 5 people who didn’t want their identities revealed for fear of being punished are aware of this falter towards regulatory sanctions, and they are affiliated with the crypto exchange; Kraken.
Although, Kraken received its share of a Fine from the U.S. CFTC (Commodity Futures Trading Commission) for unlawfully issuing transactions of the margined retail commodities in digital assets. The anonymous whistle-blowers think it’s fit to impose a fine against Kraken by the US government.
From the look of things, it seems regulators are taking an intentional move and approach to tighten to the last bold, every loosed hinge in the crypto framework. Various regulatory federal agencies are probing into the functioning processes of several crypto platforms for transparency and responsibility towards Fintech laws.
