US authorities fined Kraken crypto exchange $ 1.25 million

The Commodity Futures Trading Commission (CFTC) accused the trading platform of servicing margin transactionswithout the required license.

Cryptocurrency exchange Kraken will pay a fine in$ 1.25 million which was received from the United States Futures Trading Commission (CFTC). The regulator accused the company of servicing margin transactions with digital assets without an appropriate license.

In addition to paying the fine, the company will have to"Stop breaking the law as charged." According to the regulator, from June 2020 to July 2021, Kraken offered products to US customers that violate the provisions of the futures trading law.

The CFTC noted that the crypto exchange worked, notby registering as a futures intermediary (FCM). In addition, such margin transactions must take place in a Dedicated Contract Market (DCM), which Kraken is not registered as.

Previously, Kraken added the ability to pay for transactions via Apple Pay and Google Pay in its application.

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