Corporate watchdog Krakens it at cryptocurrency exchange

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The regulator alleges that Kraken maintained it was not required to abide with the laws, despite the regulator’s requests for compliance. Kraken and its local subsidiary are owned by US capital markets giant Payward Inc. Established in 2011, Kraken has since grown to become one of the world’s largest cryptocurrency exchanges, valued at $US10.8 billion ($16.7 billion). The new laws, known as design and distribution obligations, are now standard across the finance sector, though the cryptocurrency sector had been slow to catch up, ASIC said. “These proceedings should send a message to the crypto industry that products will continue to be scrutinised by ASIC to ensure they comply with regulatory obligations in order to protect consumers,” ASIC deputy chairman Sarah Court said. “ASIC’s action should be a reminder of the importance to comply with the design and distribution obligations so that financial products are distributed to consumers appropriately.”

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