Is Kraken Shutting Down Services in New York?

Major cryptocurrency exchange Kraken is set to halt its trading services in New York starting from June 1, 2024. The decision, while unconfirmed with information so far only coming from a user post on X, comes amidst ongoing legal battles between Kraken and the US Securities and Exchange Commission (SEC).

According to the Michael Gogel on X, changes, effective June 1, will impact users who do not agree to the new terms of service. The move is attributed to Kraken’s transition from Payward Ventures Inc. to Payward Interactive, Inc.

Kraken’s issues with the SEC have been going on a while, and the company actually officially left New York state, as one commenter points out, way back in 2015 following the state’s adoption of the “BitLicense” regulatory framework.

In February last year, Kraken agreed to pay a $30 million and stop its crypto staking program to settle a case with the SEC. And then in May 2023, Kraken testified before Congress about the SEC’s overreach in the crypto industry, arguing that current laws are inadequate and that Congress should limit the SEC’s jurisdiction in favor of other agencies.

The SEC has since sued Kraken again, alleging that it operated as an unregistered securities business and mixed its own funds with customers’ assets. Kraken denies these claims and plans to “vigorously defend” its position.

The exchange maintains that it does not list securities and that the SEC has repeatedly challenged crypto exchanges to register without clear legal support or a defined path to registration. Kraken’s auditor had previously identified the commingling of funds as a significant risk to customers’ assets.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

New York to Build First Nuclear Plant in Decades

New York Governor Kathy Hochul on Monday ordered the state’s power authority to develop an...

Tuesday, June 24, 2025, 12:10:00 PM

New York Man Confesses, Pleads Guilty to Operating Secret Chinese Police Base

In a case that underscores the growing concerns about foreign interference on U.S. soil, Chen...

Monday, January 6, 2025, 11:47:00 AM

Is A Short-Term Rental Ban The Reason For Tourism Decline In New York City?

In a recent survey commissioned by Airbnb and conducted by Penta between November 17-22, 2023,...

Wednesday, December 13, 2023, 10:57:00 AM

New York City Unveils Plan to Convert Vacant Offices into Housing Units

New York City has unveiled an ambitious plan to address both the surplus of vacant...

Sunday, August 20, 2023, 09:08:00 AM

Kraken vs CertiK: Crypto Bounty Hunter Becomes Crypto Bounty Hunted

Crypto exchange Kraken recently faced a severe security breach that has drawn significant attention within...

Thursday, June 20, 2024, 10:46:00 AM