The Kraken (a cryptocurrency exchange headquartered In USA) has raised over $13.5 million in financing on online investment platform BnkToTheFuture. On the platform, Kraken boasted itself as the only regulated spot and futures cryptocurrency exchange with over $85 billion in trading volume in 2018 alone, making its compound annual growth rate of 387% & has over 4 million clients in nearly 200 countries.
An announcement has been made by Kraken regarding their plan to add Tezos (XTZ) to the cryptocurrency exchange platform. The users of their platform will be able to trade XTZ from October 16th on both Kraken.com and trade.kraken.com. The cryptocurrency exchange also revealed that they would present margin trading soon as it is currently unavailable at the launch for XTZ.
A report has been released by the New York State Attorney General office entitled ‘Virtual Markets Integrity Initiative.’ The newly-released 32-page report has specifically mentioned Kraken, Binance , and Gate.io for not having a proper measure to detect users who were opening more than one account and the inability to detect IP address of users that were using VPN.
Kraken exchange has affirmed about the diversification of its OTC trading platform in order to support large block trades. Reportedly, the OTC platform would be providing high liquidity and personalized service to institutions and high net-worth individuals. The crypto assets supported on the platform include Lumens, Bitcoin, Ether, Melon, Dogecoin, EOS, Litecoin, and others.
The CEO of the Kraken exchange, Jesse Powell has tweeted that 57 employees of the exchange in the North American service centers or 10% of the team are to be laid off. The CEO also expressed via mail, “The cost-saving measure will have zero impact on the quality of our service. No other teams are affected.”
The Kraken crypto exchange has denied the rumor spread on social media about its shut down operations. The exchange stated, “We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure.” The company did not respond over the alleged staff layoffs.
The U.S. Commodity Futures Trading Commission has approached four crypto exchanges such as Bitstamp, Kraken, iBit, and Coinbase for obtaining trading information. It is quoted that the authority has asked the exchanges ‘to hand over comprehensive information regarding trading in order to aid its investigation over potential price manipulation.’
Kraken has recruited Mary Beth Buchanan as the general legal counsel. She formerly served as the United States Attorney for the Western District of Pennsylvania. She has also worked in an international legal firm called Bryan Cave. The Kraken crypto exchange is currently operating in Canada, Japan, the United States and the European Union.