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Kraken Shares Data with FBI and SEC in 2024
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Kraken saw a huge increase in government and law enforcement data requests in 2024. As per reports, the bulk of these requests came from the United States.
Kraken recently released its transparency report, showing that it received 6,826 requests from 71 different countries. This figure marked a 39% jump from the previous year.
Kraken Balances Compliance and User Privacy Amid Rising Requests
As earlier stated, the US government sent the most requests, making up 1,951 cases. Interestingly, the FBI made the biggest request of all US agencies, filing 614 inquiries. This made up about 31% of all US requests.
Another notable request came from the US Securities and Exchange Commission (SEC). The SEC, unlike the FBI, accounted for 1.9% of US requests. Recall that the securities watchdog took legal action against Kraken in 2023 for allegedly offering unregistered securities.
Meanwhile, Kraken has been working on improving ties with regulators and complying with inquiries. The crypto exchange reportedly provided data for 57% of requests received. As per reports, the bulk of these inquiries dealt with the exchange’s users, mostly in the UK, US, and Germany. Requests for data came from other countries like Australia, Spain, Canada, and France.
Kraken Expands in Europe with Key Regulatory License
Despite sharing data, Kraken maintains that user privacy remains a priority. The exchange also plans for major expansions in the coming months. Kraken saw significant revenue growth in 2024. The trading platform recorded a revenue jump of over 128% from 2023.
BIG NEWS
We’re excited to announce we’ve obtained a MiFID license in the EU!
Yet another key milestone in our expansion strategy, allowing us to offer fully compliant derivatives products across selected EU markets.https://t.co/CkvP23KzGc
— Kraken Exchange (@krakenfx) February 3, 2025
Kraken recently announced a major milestone in its European expansion. The trading platform secured a Markets in Financial Instruments Directive (MiFID) license. This license allows the exchange to offer derivatives and advanced trading services across EU member states. The move positions Kraken for further growth, having secured licenses in Spain and Ireland and launching a custody service in the UK.
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