Kraken denounces US harassment with 315 legal assignments.Original article here >
https://journalducoin.com/exchanges/kraken-denonce-un-harcelement-americain-avec-315-assignations-juridiques/Translation in English:
Jesse Powell, co-founder and CEO of the Kraken Exchange, did not appreciate the inquisitorial questionnaire of the New York Attorney General. But given the number of sticks in the wheels that seem to put the US administrations to crypto-exchanges - and more particularly to Kraken - we understand better this enmity.
Kraken drowned under US assignmentsIn a very informative infographic (see below), carried out by them, Kraken denounces the tremendous increase in assignments and requests for compliance with laws. There were 475 requests in 2018, 3 times more than in 2017!
The top of the top is undeniably in the United States with 315 requests alone in 2018. The other countries that have issued more than 10 requests are:
the United Kingdom: 61
Germany: 34
France: 20
We can even see a clear increase during the year, with systematically more than 35 requests received per month since this summer.
The HSI - Homeland Security Investigations - and the FBI are the two most questioning US entities with 158 queries to their credit. The SEC and the CFTC, well known in the cryptoworld, have issued respectively 19 and 10 requests for investigation.
Kraken denounces an unjustified barrier to entryAccording to Kraken, this increasing number of legal inquiries becomes a real barrier to entry for the operation of a crypto-exchange in the United States (Kraken is based in San Francisco), because of the huge legal costs to respond to it. . These summons require at least a production of documents, and sometimes a request to appear in court.
The cost of legal compliance is, according to the exchange, one of the main reasons why many companies choose to deny US users.
This new case tends to explain why Jesse Powell, CEO of Kraken, is so fiery about US regulators, he also refused to answer the questionnaire of the Attorney General of New York and said about BitLicense:
"[This is]
a creature so fetid, so cruel that even Kraken has neither the courage nor the strength to cope with his sharp, big and nasty teeth".