Kraken Suggests the USA is too Difficult of a Market
January 07 2019 - 12:54PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
January 07, 2019 -- ADVFN Crypto NewsWire -- At this time,
Kraken is still one of the largest cryptocurrency exchanges by
trading volume that has its’ headquarters in the United States.
Simultaneously, it sits at twenty-fourth place along the same
indicators, globally.
Today however, CoinDesk released an
article that expands upon certain statements that the exchange made
over the weekend, which seemed to indicate that it is growing more
and more frustrated with United States regulations. According to
CoinDesk, Kraken received 475 subpoenas for internal data last year
and 315 of them were from United States regulators. With those
numbers in mind, it is easy to see why a crypto business might
choose to block United States users from the outset. The sheer
volume of bureaucratic requirements slow down anyone who wants to
do business in the USA arena.
What may surprise many of you about
these numbers is that only 29 of these requests were from the SEC
and the CFTC, which quite clearly shows that they are not the most
stringent regulators in existence. On the other hand, since the
Homeland Security department and the FBI combined for close to 200
of these subpoenas, the answer to these growing requirements seems
to lie in the area of law enforcement.
Kraken claims that at face value,
these requests are not the issue. According to them, the true
problem lies in how these agencies make their requests, with the
subpoenas commonly coming with asks for petabytes of data at once,
instead of simply access to data related to several suspicious
accounts and transactions.
Considering all of this, it would
seem that the end of Kraken’s United States business might be in
sight. At the same time, since decisions like the SEC’s approval or
rejection of the VanEck/SolidX ETF lie on the near horizon, it
would be reasonable to expect the exchange to wait at least another
quarter.
By: BGN Editorial Staff
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