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Is the Future of US Crypto Exchanges in Jeopardy? Binance Folds, but Kraken Holds Ground
It appears that once again, the Securities and Exchange Commission in the US has a major crypto exchange in its sights, as it has filed a lawsuit charging Kraken, the 10th biggest centralized crypto exchange by spot trading volume, with operating as an unregistered securities broker, dealer, exchange and clearing agency, and with commingling customer assets with its own corporate assets. The SEC’s complaint makes mention of the Howey Test for determining whether assets are investment contracts and can be regarded as securities, and listed crypto assets that it has determined in previous cases (against Bittrex, ... (full story)