CFTC hits Kraken with $1.25M in fines over alleged illegal offering
Cointelegraph
Published Sep 28, 2021 05:22PM ET
Updated Sep 29, 2021 07:40PM ET
The United States Commodity Futures Trading Commission is ordering crypto exchange Kraken to pay more than $1 million in civil monetary penalties related to allegations the exchange is violating the Commodity Exchange Act.
In a Tuesday statement, the CFTC said U.S.-based crypto exchange Kraken — operating under the name Payward Ventures — has failed to register as a futures commission merchant and is illegally offering margined retail commodity transactions in digital assets. The order requires the exchange to pay a penalty of $1.25 million and “cease and desist from further violations of the Commodity Exchange Act,” the law under which the CFTC derives much of its enforcement power on commodities and futures trading.
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Written By: Cointelegraph
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