SEC Sues Kraken Over Lack of Registration

The Securities and Exchange Commission (SEC) has filed a case against the cryptocurrency exchange Kraken for violating securities laws, commingling client assets with company assets, and operating as an unregistered exchange, broker, and dealer.

This case is similar to the SEC’s actions against Coinbase, with the regulator listing 16 digital assets, including Solana, Cardano, and Algorand, as potential securities.

The SEC’s actions against Kraken are part of a larger effort to crack down on unregistered securities trading in the cryptocurrency industry, which has also targeted platforms such as Binance and Coinbase.

The US Department of Justice is currently in the final stages of its case against Binance, which alleges crimes of fraud, money laundering, and sanctions violations and is seeking a $4 billion settlement.