SEC just filed a case against Kraken Exchange (Payward, Inc)
U.S. SEC SUES KRAKEN FOR OPERATING ONLINE CRYPTO TRADING PLATFORM WITHOUT REGISTERING WITH THE AGENCY -- COURT FILING— First Squawk (@FirstSquawk) November 20, 2023
Securities and Exchange Commission v. Payward, Inc.
Since 2013, Kraken has operated an online trading platform through which its customers can buy and sell crypto assets, many of which form the basis of investment contracts covered under U.S. securities laws. 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. In doing so, Kraken has created risk for investors and taken in billions of dollars in fees and trading revenue from investors without adhering to or even recognizing the requirements of the U.S. securities laws that are designed to ... (full story)
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The Securities and Exchange Commission today charged Payward Inc. and Payward Ventures Inc., together known as Kraken, with operating Kraken’s crypto trading platform as an ...