CFTC fined Kraken exchange $1.25 million – Bits Media

US Commodity Futures Trading Commission (CFTC) fined the Kraken exchange $1.25 million for lack of registration and margin transactions with cryptocurrencies.

As noted in the CFTC statement, the exchange provided access to margin trading, it wasn't registered with the regulator. According to the Commission, Kraken has been violating registration requirements since June 2020 year to July 2021 of the year. However, The violation has now been corrected.

CFTC Commissioner Dawn Stump (Down Stump) emphasized, that the Kraken exchange’s violation of regulatory requirements indicates a lack of clarity in the rules regarding transactions, associated with certain digital assets. She noted:

“As the requirements become more and more urgent, The Commission needs to reconsider them, to provide market participants with certainty and a common understanding of the rules".

Kraken management emphasized its desire to meet the requirements of American regulators and noted, that in June 2021 year, the exchange began limiting access to margin products for users from the United States, to fully satisfy regulatory requirements.

Recently, CFTC Commissioner Dan Berkowitz (Dan Berkovitz) stated, that the agency can regulate futures trading, swaps and options on crypto assets, but he needs additional resources to work directly with the cryptocurrency market.