SEC accuses Kraken of commingling customer funds, operating unregistered exchange

The US Securities and Exchange Commission accused crypto exchange Kraken’s parent companies of operating an unregistered exchange. 

The allegations came in a new lawsuit filed by the US securities regulator on Monday. The claims follow similar allegations contained in court complaints against Coinbase and Binance filed earlier this year. 

Payward and Payward Ventures were named as defendants in the new lawsuit. Kraken did not immediately return a request for comment. 

“Kraken’s business practices, deficient internal controls and inadequate recordkeeping present a range of additional risks that would also be prohibited for any properly registered securities intermediary,” the…

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