Kraken’s 2023 Transparency Report
Crypto exchange Kraken has published its 2023 Transparency Report, revealing that it received a total of 4923 data requests last year. Of these requests, 1393 came from U.S. agencies, with the Federal Bureau of Investigation (FBI) being the most proactive among them. The Securities and Exchange Commission (SEC) accounted for almost 60% of regulatory agency requests in the U.S. Kraken observed a 33% increase in the total number of requests from global law enforcement and regulatory agencies compared to the previous year, with significant spikes in requests from the British Virgin Islands and Australia.
Kraken received data requests from law enforcement and government agencies in 69 countries, with subpoenas being the most common type of request. The exchange emphasized its commitment to regulatory compliance and client privacy.
Coinbase and Kraken’s Legal Issues
Another major crypto exchange, Coinbase, also released its transparency report, revealing that it received a total of 13,079 requests from law enforcement agencies between October 2022 and September 2023. This represents a 6% increase compared to the previous year. The extent of data provided by Coinbase to law enforcement is unclear, but the exchange stated its commitment to providing anonymized or aggregated data.
In November 2023, the SEC filed a lawsuit against Kraken, accusing it of operating as an unregistered securities business and commingling customer funds with its own. Kraken denied these allegations and asserted that it does not list securities.
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