SEC-Kommissarin Hester Peirce sagte am 4. Februar, dass die Behörde neu bewerten werde, ob bestimmte Arten von Krypto-Assets Wertpapiere sind.
Kraken appoints former Paxos executive as its new chief legal officer
- Kraken has appointed former Global General Counsel as legal chief
- The exchange recently gained an EU MiFID license for regulated trading
- With the new legal chief, Kraken aims to navigate US regulatory challenges
Kraken has appointed Ben Gray, former Global General Counsel at Paxos, as its new Chief Legal Officer.
The news comes a day after securing a Markets in Financial Instruments Directive (MiFID) license.
This strategic move comes as the cryptocurrency exchange aims to navigate the increasingly complex regulatory landscape while expanding its offerings in the European market.
A timely appointment
Kraken’s decision to bring Gray on board is seen as a significant step towards strengthening its legal and compliance framework.
Gray’s deep experience in the cryptocurrency sector, particularly from his tenure at Paxos where he managed legal, compliance, and enterprise risk, positions him perfectly to lead Kraken through its current regulatory challenges.
His background also includes working with Binance, showcasing his versatility in handling the multifaceted legal issues within the crypto industry.
The timing of Gray’s appointment could not be more critical. Kraken has been under scrutiny from regulators, notably from the US Securities and Exchange Commission (SEC), which accused the exchange of operating as an unregistered securities platform.
With this legal battle in the backdrop, Gray’s leadership in legal affairs is expected to be instrumental in navigating these challenges. His role will encompass overseeing Kraken’s legal strategy, ensuring compliance, and managing enterprise risks, all of which are vital for the company’s operations both in the US and abroad.
In the official announcement of the appointment of Gray, Kraken’s co-CEO Arjun Sethi expressed enthusiasm about Gray’s addition to the leadership team, emphasizing his role in scaling the business and fighting for regulatory clarity.
Sethi’s comments reflect a broader vision where Kraken not only seeks to expand its geographical footprint, but also aims to set industry standards for security, innovation, and compliance. This vision is particularly relevant in Europe, where Kraken sees substantial growth potential and where regulatory compliance can act as a competitive edge.
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CFTC wants more information on Crypto.com, Kalshi Super Bowl contracts
- The CFTC is questioning whether Crypto.com and Kalshi meet derivatives regulations
- In December, Crypto.com’s CEO said its derivatives trading platform was the “first regulated platform in the US”
- Robinhood launched its Super Bowl event contracts on Monday
Crypto.com and prediction marketplace Kalshi have been asked to provide more information to the US Commodity Futures Trading Commission (CFTC) to determine if their Super Bowl event contracts comply with derivatives regulations.
In December 2024, Crypto.com launched its derivatives trading platform, enabling users to place bets on the outcome of sports events, including the Super Bowl LIX on February 9, 2025, between reigning champions Kansas City Chiefs and the Philadelphia Eagles.
In an announcement, Kris Marszalek, co-founder and CEO of Crypto.com, said it was the “first regulated platform in the US to offer it to our users.”
Kalshi launched its prediction platform days after President Donald Trump’s inauguration in January. It launched its Kansas City vs Philadelphia Football prediction on January 23.
In a report from Bloomberg, the CFTC said: “We are continuing to review the contracts in accordance with our regulations.”
Bloomberg previously reported, in January, that a five-member group of CFTC commissioners had decided to vote on a 90-day review period for contracts. The review would extend past this Sunday’s Super Bowl game.
The CFTC is expected to vote by mid-April on whether to bar event contracts or issue a new ruling.
Robinhood enters the field
The CFTC’s measures come as Robinhood announced on Monday that it was launching its event contracts and letting users vote on the game’s outcome. This will be done through Kalshi’s exchange.
Primarily focused on its stock-trading background, Robinhood’s expansion into event contracts is another way for the platform to engage with users keen to get into the market.
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India’s financial regulator fines Bybit $1M, compliance status unclear
- Bybit has been fined $1.06 million for PMLA non-compliance
- India blocked Bybit sites pausing the exchange operations in the country
- Bybit is seeking a VDASP license amid compliance confusion
India’s financial watchdog has levied a hefty fine on Bybit, one of the world’s largest crypto exchanges, for failing to adhere to the country’s stringent anti-money laundering (AML) regulations.
According to the country’s Ministry of Finance, the fine amounted to $1.06 million (9.27 crore rupees).
While this move underscores India’s commitment to regulating the burgeoning cryptocurrency market, it leaves Bybit’s compliance status unclear.
Why such a hefty fine?
Bybit’s troubles began when it was found operating without securing mandatory registration under the Prevention of Money Laundering Act (PMLA).
According to the Financial Intelligence Unit (FIU) of India, Bybit is classified as a ‘reporting entity’ due to its services in the digital asset space.
In December 2023, the FIU identified several crypto exchanges for non-compliance with local anti-money laundering laws, but Bybit was not among the listed exchanges.
However, the exchange continued to expand its operations in India without the required registration, prompting the FIU to take action.
Indian authorities, through the Ministry of Electronics and Communication Technology (MEITY), blocked Bybit’s websites under the Information Technology Act 2000, effectively halting Bybit’s operations in India.
However, the suspension came after Bybit had already announced a pause in its services due to “recent developments with Indian regulators,” hinting at prior knowledge of regulatory scrutiny.
Bybit has applied for a VDASP license in India
Amidst these challenges, Bybit has been actively working towards rectifying its status in India. The exchange has applied for a Virtual Digital Asset Service Provider (VDASP) license, aiming to legally operate within India’s crypto market.
This application was completed back on June 26, 2024, indicating a proactive approach to meet regulatory requirements.
Vikas Gupta, Bybit’s country manager for India, expressed optimism about obtaining a full operations license in the coming weeks, suggesting an expectation of smoother regulatory waters ahead.
Initially, there were announcements from Bybit suggesting successful registration and fine settlement, but these were later retracted, leaving the public and stakeholders in limbo regarding the exact compliance status of Bybit in India.
India’s approach indicates a strong push towards ensuring that all financial entities, including those dealing in cryptocurrencies, adhere strictly to anti-money laundering and counter-terrorism financing norms.
Other major exchanges like Binance, KuCoin, and OKX have also faced similar regulatory actions for non-compliance with PMLA and other financial laws.
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Anthony Scaramucci: US-Gesetzgeber wollen bis November eine Krypto-Regulierung vorschlagen
Der frühere Kommunikationsdirektor des Weißen Hauses hat angedeutet, dass Kongressmitglieder, die zur Wiederwahl antreten, die Kryptobranche für sich gewinnen wollen.