Kraken again asks to dismiss SEC lawsuit, citing incorrect wording

Bitcoin and Ethereum Cryptocurrency News

The ongoing legal battle between Kraken crypto exchange and the U.S. SEC continues with new statements from the platform. According to Bloomberg, Kraken filed a letter accusing the regulator of incorrectly formulating its arguments in the charges, specifically regarding the terms investment “concept” and “ecosystem” instead of “investment contract” and “enterprise.” The SEC’s filing asks for a permanent ban on Kraken operating as an unregistered exchange and to pay fines for operating illegally.

SEC Lawsuits Against Major Crypto Exchanges

Last November, the SEC sued Kraken for operating without the proper license as a securities exchange, broker, dealer, and clearing agency since 2018. The lawsuit alleges that Kraken has earned hundreds of millions of dollars illegally and could potentially mix clients’ funds with its assets, risking losses on both sides. In June 2023, Binance and Coinbase also faced similar SEC lawsuits for violating securities laws.

Best Exchanges

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Bybit!

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Binance!

Sign up now to enjoy a 10% - 30% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with OKX!

© Copyright 2023 | Powered by Inscoin