Kraken exchange received a total of 710 regulatory requests in 2019, nearly 50% compared to 2018

By Dorothy On Jan 7, 2020

On Monday, the Kraken exchange said it had received a total of 710 requests in 2019 compared to 475 in 2018, with the majority (432) coming from U.S. agencies. Nearly 50% of law enforcement requests from global regulatory agencies Kraken received last year compared to 2018.

Kraken received 49% more regulatory inquiries compared to 2018 pic.twitter.com/Ts2BzCWy0s

— AZCoin News (@azcoinnews) January 7, 2020

The California-based Federal Bureau of Investigation (FBI) is the agency that carries out the highest number of questions at Kraken with 116 requests. Followed by the Drug Enforcement Administration (DEA) with 73 and the Homeland Security Investigation (HSI) – Immigration and Customs Enforcement (ICE) with 65. The Securities and Exchange Commission (SEC) issued 20 requests.

Kraken law enforcement required in 2018

In 2018, the largest cryptocurrency exchange based in the United States, released the so-called Transparency Report 2018 of the compliance team, showing that the exchange has received 475 law enforcement requests. Kraken mentioned that “the cost of handling subpoenas is fast becoming a barrier to entry”.

Peek at our Compliance team’s 2018 Transparency Report. You can see why many businesses choose to block US users. Cost of handling subpoenas (regardless of licenses) is quickly becoming a barrier to entry. Inquiries up 3x YoY. pic.twitter.com/YbyLEqhOUf

— Kraken Exchange (@krakenfx) January 5, 2019

About 66% of these requests come from law enforcement agencies in the United States, while Kraken claims that only 20% of their users are based in the United States. United Kingdom, Germany and France combined 24% of other requirements.

Many U.S. law enforcement requests come from Homeland Security Investigation (HSI), followed by the Federal Bureau of Investigation (FBI) and Drug Enforcement Administration (DEA).

Kraken, the largest cryptocurrency exchange based in the United States

Kraken is a cryptocurrency exchange, operating in Canada, Japan, the European Union and the United States. In 2011, it was founded in San Francisco by Jesse Powell. It has been continuously operating since September 2013. According to the founders, this is “the world’s largest bitcoin exchange in terms of euro trading volume and its liquidity“. In addition, transactions are held in Canadian dollars, US dollars, British pounds and Japanese yen.

Jesse Powell, Founder of Kraken

This is one of the oldest and most popular exchanges. Kraken exchange offers a lot of opportunities for traders around the world in many fiat currencies. Bitcoin exchange Kraken is also a global leader in BTC / EUR trading.

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