Kraken crypto exchange signed for pre-registration with the Ontario Securities Commission, to ensure enhanced protection for Canadian Crypto Investors.
Kraken is a popular crypto trade platform. This digital assets trade platform is ranked at 3rd position by trade volume.
The services of this exchange are available in almost every country, where crypto trading is allowed. In Canada, the exchange provides Canadians with CAD spot trading pairs and employs 250 people there.
On 30 March 2023, Kraken exchange announced that the exchange filed a pre-registration undertaking (PRU) with the Ontario Securities Commission to provide more investor protection to Kraken customers.
In Feb 2023, the OSC watchdog introduced an investor protection rule on the crypto companies to ensure the safety of the crypto investors under the jurisdiction of Canada.
Kraken vs US SEC
In Feb 2023, the Kraken exchange received a legal notice from the United States Securities and Exchange Commission (SEC).
Through the notice, the SEC confirmed that the agency charged the Kraken Exchange over crypto staking services in the US. The SEC body alleged that Kraken’s crypto staking services were against federal securities law.
Later Kraken blindly decided to settle the case and paid $30 million & terminated crypto staking services to the US Crypto Investors.
After SEC’s enforcement action over Kraken’s Crypto staking services, this agency again took action against the US based Nasdaq- listed crypto exchange Coinbase.
To this date, Coinbase is still waiting to see the future legal action by the SEC agency because the Coinbase team is confident with its services.
Coinbase executives confirmed that its team reached out to the SEC agency over the exchange’s nature of crypto services & listed crypto assets but no SEC official responded.
Read also: In Australia end of cash is near