Kraken

Kraken exchange is cutting 15% of its workforce

November 3, 2024 1 min read

Kraken exchange has recently made the tough decision to lay off about 400 employees, which amounts to a 15% reduction in its workforce. This move is part of a broader effort to streamline operations and enhance “organizational discipline” after experiencing significant growth that pushed its revenue past the $1 billion mark. The layoffs primarily affect senior management and executive positions. In a heartfelt message on their blog, Kraken expressed their

Crypto exchange Kraken removes the Lightning Network feature for customers in Germany

September 16, 2024 1 min read

Kraken, a cryptocurrency exchange, has removed the Bitcoin Lightning Network service for its users in Germany owing to technical modifications. The suspension was initially ascribed to regulatory concerns by a Kraken support representative; however, a spokeswoman for the San Francisco-based firm emphasized that Kraken Support had erroneously identified these modifications as the cause for the suspension. The Lightning Network is a “second layer” application for Bitcoin that facilitates expedited transactions

Kraken exchange must face an SEC lawsuit alleging it operated as an unregistered securities exchange

August 25, 2024 1 min read

Kraken crypto exchange is currently confronted with a legal dispute initiated by the U.S. Securities and Exchange Commission (SEC) on the grounds of purportedly functioning as an unregistered securities exchange. According to the SEC, certain crypto tokens available on Kraken’s platform meet the criteria of “investment contracts,” which means they are required to comply with securities legislation. U.S. District Judge William H. Orrick determined that this claim was “credible” and

Kraken crypto exchange debuts platform for institutions, eyeing crypto market expansion

February 28, 2024 1 min read

Kraken crypto exchange has launched a new platform aimed at institutional investors, streamlining its services to attract more diverse asset managers into the crypto sector. The exchange announced that the initiative is overseen by Tim Ogilvie, consolidating key services such as spot exchange, derivatives trading, and custody under a single institutional brand. The exchange’s focus on institutional clients marks a strategic shift towards nurturing new entrants in the crypto market

Kraken crypto exchange files a motion to dismiss a US SEC lawsuit

February 23, 2024 1 min read

Kraken crypto exchange has filed a motion to dismiss a US SEC lawsuit against it, arguing that cryptocurrencies should be treated like commodities rather than securities. The US SEC sued Kraken last November, alleging it did not register as a broker, clearinghouse, or exchange and that the company commingled customer and corporate funds. The exchange’s motion argues that the SEC did not “plausibly allege” any of the cryptocurrencies listed in

Kraken Crypto Exchange Announces Launch of New Crypto Bank in US Amid Regulatory Challenges

March 8, 2023 1 min read

US-based cryptocurrency exchange Kraken is moving forward with its plans to launch a new Wyoming-based crypto bank, despite a recent setback. The US Securities and Exchange Commission (SEC) recently banned Kraken’s staking service, but the exchange has confirmed that Kraken Bank is still on track to launch. Kraken Support responded to a Twitter user’s inquiry, stating that the bank is not open yet but is on its way. The offering

Kraken exchange settles allegations of Iran sanctions by paying the US Treasury over $360,000

November 29, 2022 1 min read

The U.S. Treasury Department announced on November 28 that American crypto exchange Kraken had agreed to pay more than $362,000 to resolve allegations that it had broken Iranian sanctions. According to the Treasury Department’s Office of Foreign Assets Control (OFAC), Kraken exchange broke American sanctions by allowing Iranian users to conduct transactions totaling more than $1.68 million between October 2015 and June 2019. A comprehensive set of sanctions prohibits the

Kraken restricts its services to Russian customers

October 24, 2022 1 min read

Kraken, a cryptocurrency exchange based in the United States, has joined the list of platforms that restrict services to Russian customers. The decision follows the latest sanctions imposed by the European Union (EU) on the world’s largest country for its invasion of Ukraine. Other trading platforms that have cut relations with Russian users include BlockchainCom, CryptoCom, and others. Russia’s military assault on Ukraine, which began in February, prompted the Western