SEC sues Kraken alleging it violated securities legal guidelines

The US Securities and Trade Fee (SEC) has sued Kraken alleging it did not register as an change, dealer, vendor and clearing company with the regulator and claimed it commingled buyer funds. 

In a Nov. 20 criticism, the SEC claimed that since 2018, Kraken had operated as a platform that supplied the illegal sale of cryptocurrencies.

“With out registering with the SEC in any capability, Kraken has concurrently acted as a dealer, vendor, change, and clearing company with respect to those crypto asset securities.”

Moreover, the SEC alleged that Kraken’s enterprise practices and “poor” inner controls noticed the change commingle buyer belongings with its personal, which resulted in an allegedly “vital threat of loss” for its clients. 

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