SEC Sues Kraken Crypto Exchange for Ignoring Securities Laws and Putting Investors at Risk
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The SEC sued Kraken crypto exchange for operating as an unregistered securities exchange and failing to follow securities laws.
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The lawsuit alleges Kraken made hundreds of millions arranging crypto trades while ignoring laws to protect investors.
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The SEC claims Kraken had poor controls, commingled customer funds, and used customer money to pay expenses.
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Kraken says Congress should regulate crypto exchanges and claims the SEC's view of crypto assets is wrong.
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The lawsuit seeks fines, profits returned, and a halt to Kraken operating as an exchange without registering.