Is Kraken Stopping Trading Services In New York?

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As a long-term crypto investor with experience in navigating the complex regulatory landscape of the United States, I find Kraken’s decision to stop offering trading services in New York from June 1, 2024, a prudent one. With my hard-earned savings at stake, I understand the importance of compliance and adhering to regulatory requirements, especially given the ongoing legal battles between cryptocurrency exchanges and the SEC.

According to rumors circulating, Kraken, a prominent cryptocurrency exchange, is planning to discontinue its trading services in New York starting from June 1, 2024.

According to one source on X, Krakenn has announced modifications and restrictions for its American clients starting from June 1, 2024. These adjustments will apply to users who decline the updated terms of service, significantly impacting the services available to them.

As a researcher investigating recent developments, I’d like to share that Kraken is undergoing a transformation in its corporate identity within the United States. Effective June 1st, Kraken will be known as Payward Interactive, Inc., replacing its previous designation as Payward Ventures Inc.

There have been reports that Kraken, in 2023, reached a $30 million settlement with the US Securities and Exchange Commission (SEC) concerning their crypto staking service. The SEC had classified this service as an unregistered securities offering.

As a analyst, I would express it this way: I observe that Kraken’s recent action is a reflection of their proactive approach in adapting to shifting regulatory environments and maintaining strict compliance standards within the US market.

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2024-05-07 23:01