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Kraken sued by SEC for comingling funds
Posted on 11/21/23 at 7:28 pm
Posted on 11/21/23 at 7:28 pm
If the CZ Binance news was not enough, lost in the smoke was Kraken was found to be comingling user funds same as all the other fraudulent crypto exchanges.
Investopedia Article on the SEC allegations
SEC.gov Kraken press release
Just like FTX, Celsisus, and Voyager this is the first red flag that they were stealing from their customers.
Get all your assets off cyrpto exchanges while you can, and I would not even trust Coinbase.
quote:
"For example, Kraken has at times held customer crypto assets valued at more than $33 billion, but it has commingled these crypto assets with its own, creating what its independent auditor had identified in its audit plan as 'a significant risk of loss' to its customers," the filing said.3 The regulator also alleges Kraken has on occasion "paid operational expenses directly from bank accounts that hold customer cash." The company's business practices, internal controls, and recordkeeping were also found lacking.
Investopedia Article on the SEC allegations
SEC.gov Kraken press release
Just like FTX, Celsisus, and Voyager this is the first red flag that they were stealing from their customers.
Get all your assets off cyrpto exchanges while you can, and I would not even trust Coinbase.
This post was edited on 11/21/23 at 7:30 pm
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