Home
News
- 1 The U.S Securities and Exchange Commision sued Kraken for operating without regulatory registration or approval.
- 2 Payward Inc. and Payward Ventures Inc. processed Millions of dollars featuring crypto purchase and sale, ignoring the rules and regulations: SEC
- 3 Bittrex is among the most affected centralized crypto exchanges by SEC’s enforcement.
The U.S Securities and Exchange Commision (SEC) sued Kraken, a leading centralized cryptocurrency exchange, for operating illegally as a securities exchange without registering.
Kraken defended itself from the allegations by saying that Congress should take steps to regulate cryptocurrency exchanges and gather SEC’s opinion over digital assets “incorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy.”
The centralized exchange stated that this lawsuit will not be affecting its 10 Million user base. This is not the first time the SEC is suing a centralized exchange or any crypto related company.
Other leading exchanges, including Coinbase and Bittrex are also embroiled in legal battles with the SEC.
The SEC stated that Payward Inc. and Payward Ventures Inc. (Kraken operators) had processed hundreds of Millions of dollars arranging crypto purchase and sale while ignoring the rules and regulations entitled for customers’ security.
The enforcement chief of SEC Gurbir Gerwal noted that failure to register resulted in a business model rife with conflict of interest that placed investors’ funds at risk,” he added “Choice of Kraken of unethical profits over investors protection is one we see far too often in this space.”
Kraken Eyeing United Kingdom Crypto Market
Earlier this year, Kraken appointed Bivu Das as the company’s new UK managing director as the exchange aims to maintain a strong presence in the region.
Das, a seasoned fintech entrepreneur with experience at institutions such as Starling Bank and a strong track record in the crypto market, will take over for Blair Halliday, who has held the position for almost a year.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Bivu Das comes to his new job with a plethora of expertise, having successfully managed projects such as Unblock, a company specializing in crypto payments gateways, and FIBR UK, a platform dedicated to small business finance.
Centralized Crypto Exchanges
Binance is the largest centralized cryptocurrency exchange. Binance CEO “CZ” agreed to settle an expensive deal with federal agencies over money laundering charges. Coinbase is second largest with an intraday spot trading volume of $1,853,446,187 (press time) offering trading of more than 250 coins and tokens.
Kraken holds the position of third most used crypto exchange globally with a user base of over 10 Million, Bitcoin and Tether are the most traded crypto coin/token on it. There are more than 220 spot trading exchanges comprising $291.43 Billion intraday trading volume.
Crypto Market Overview
At the time of writing, Bitcoin was trading at $37,288.17 with an intraday trading volume of $21,813,739,398. BTC trading volume slipped more than 24.02% in the past 24 hours.
The list of intraday gainers is topped by GAS, Uniswap, FTT token, Klaytn, Blur and Mina. dYdX, Cronos, Kaspa, Synthetic, render, BNB and Quant declined severely and became the intraday losers.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
